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Ocwen Gets REO Deal.(Veterans' Affairs real estate-owned inventory)
The Department of Veterans Affairs is preparing to turn over its foreclosed properties to Ocwen Federal Savings Bank in mid-August.
Ocwen, based in West Palm Beach, Fla., won the bidding to manage and sell VA's real estate-owned inventory, which currently includes 12,000 foreclosed properties. But VA attorneys are still reviewing the contract before it can be finalized.
The director of the VA loan guaranty program, Keith Pedigo, said the contract review is procedural, but it will probably take until Aug. 15.
After that, VA will begin transferring blocks of properties to Ocwen over a 150-day transition period, Mr. Pedigo said.
When VA first solicited bids to privatize its REO operation over two years ago, the agency was able to finance REO sales with VA-guaranteed loans, known as vendee loans, to non-veteran buyers.
The Bush administration succeeded in killing the vendee loan program at the start of 2003.
However, legislation is moving through Congress that might revive it.
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Source: HighBeam Research, Ocwen Gets REO Deal.(Veterans' Affairs real estate-owned inventory)