Countrywide to Sell REOs to Minorities

April 25, 2008 No Comments »

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Countrywide Financial announced today that it struck a deal with San Diego-based REO management company New Vista to sell foreclosed properties to first-time and minority homebuyers.

The ailing lender said it began working with New Vista Asset Management in mid-October, and is currently partnering in a number of markets, including Sacramento, Los Angeles, Las Vegas, Fort Worth, and Atlanta.

The news comes as Countrywide’s glut of foreclosed properties keeps on rising, with 14,220 REO properties offered for sale on the company’s website at last count, according to a blog dedicated to the matter.

Per the Countrywide foreclosures blog, California alone had 4,293 properties listed at an aggregate asking price of over $1.2 billion, which makes you wonder if the top U.S. mortgage lender was over-serving those who couldn’t actually afford a home.

Ideally, New Vista will do a better job qualifying minority and first-time homebuyers for these properties, although it’s unfortunate that many of these REOs were likely owned by the aforementioned.

(photo: editor)

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