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REO sale property in San Diego, California Real estate owned , or REO , is a term used in the United States to describe a class of property owned by a lender —typically a bank , government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. [ 1 ]
This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below). This process is generally much faster and cheaper than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale.
The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [1] [2] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders.
Blighted land in Philadelphia. Land banking is the practice of aggregating parcels of land for future sale or development.. While in many countries land banking may refer to various private real estate investment schemes, in the United States it refers to the establishment of quasi-governmental county or municipal authorities tasked with managing an inventory of surplus land.
Ginnie Mae, formerly the Government National Mortgage Association, which originally only provided insurance for bonds issued by FHA and VA mortgages in special affordable housing programs. [ 3 ] In 1970, Ginnie Mae became the first organization to create and guarantee MBS products and has continued to provide mortgage funds for homebuyers ever ...
The sale was conditional on the Fed's lending Bear Sterns US$29 billion on a nonrecourse basis. [ 4 ] IndyMac Bank, America's leading Alt-A originator in 2006 [ 5 ] with approximately $32 billion in deposits, was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC) on 11 July 2008, citing liquidity concerns.
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