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VA May Privatize REO Management.(Brief Article)
The Department of Veteran Affairs is getting ready to announce a decision on whether it will privatize the management and sales of foreclosed single-family homes or to keep the operation in-house.
The VA loan guaranty program generates about 23,000 foreclosures a year and about 18,000 of those properties become real estate owned.
VA is currently evaluating bids by private contractors to take over this REO operation, as well as a bid by the VA loan guaranty service. VA is expected to announce the winner by the end of February.
VA contracting officials are supposed to select the most cost-effective bid.
But the director of VA's loan guaranty service, Keith Pedigo, is still hopeful of keeping the operation in-house. "We may end up keeping it if the numbers are in our favor," Mr. Pedigo said in an interview.
VA has established a full-service operation for dealing with troubled loans and foreclosed properties.
"We have always had a very aggressive servicing operation,"
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