Countrywide launches plan to sell foreclosed homes in San Antonio
San Antonio Business Journal - Friday, April 25, 2008 - 4:54 PM CDT
Countrywide Financial Corp., the mortgage company being bought out by Bank of America Corp., is working with New Vista Asset Management to sell real-estate owned (REO) homes in San Antonio.
These are homes that have been foreclosed on by the lender. Countrywide is in the process of working with New Vista's network real estate professionals to sell these properties.
The two companies will work to ensure that homes are made available to qualified first-time and minority homebuyers. The companies will be hosting several community seminars for first-time buyers to teach them about buying real-estate owned homes and different financing options.
The seminars initially will be held in Los Angeles and Dallas. However, the companies are also working in the San Diego, Sacramento, Las Vegas, Fort Worth, Houston, San Antonio and Atlanta markets.
"By marketing and selling REO units directly to first-time and minority home buyers, New Vista and Countrywide are advancing our mutual commitment to increase affordable housing opportunities and act as responsible contributors to the local housing market," New Vista's Chairman Gary Acosta says.
Countrywide originates, purchases, securitizes, sells and services prime and nonprime loans. The company also provides credit reports, appraisals and flood determinations. It markets property, life and casualty insurance and banking services. New Vista is a San Diego-based national REO management and marketing company. New Vista has set up a strategy to use its clients' inventory of foreclosed homes for minority homeowners.
What better way to harvest fresh crop of MS Fraud victims than to prey upon non-English speaking and minority first time homebuyers!
BofA plans to drop Countrywide name
Bank of America plans to drop the Countrywide Financial moniker after it closes on its purchase of the troubled mortgage lender later this year. California's largest bank generally drops the name of an acquired institution. (Keeping the U.S. Trust brand last year was an exception.)
BofA may be eager to distance itself from the Countrywide brand, The mortgage lender carries more baggage than was aboard the Titanic, given the scrutiny its lending -- and collection -- practices are now receiving in the wake of the nation's historic housing bubble.
BofA (NYSE: BAC) CEO Ken Lewis told shareholders at that bank's annual meeting in Charlotte, N.C., of the plans to discontinue using the Countrywide (NYSE: CFC) name.
Earlier this week, the bank disclosed in testimony to the Federal Reserve that it plans to boost Countrywide's lending standards, eliminating altogether subprime loans and so-called option adjustable-rate mortgages that include a feature in which the loan balance actually rises over time if borrowers routinely make the minimum payment permitted. Lewis also reiterated his commitment to the Countrywide acquisition, which is expected to close in the third quarter.