Countrywide inks partnership to sell foreclosures
NEW YORK—Countrywide Financial Corp. has enlisted New Vista Asset Management to help sell some of the homes Countrywide is repossessing because of unpaid mortgages, the lender said Friday.
New Vista Asset Management is a minority-owned real estate firm that helps to sell "real-estate owned" properties, or REOs, mostly in minority communities.
An REO is a house that a lender has foreclosed on because the mortgage the home secures is in default. Lenders typically try to sell these homes as soon as possible because they are not generating any profits.
Countrywide will use New Vista's network of real estate brokers, counselors and other professionals to sell REOs in minority communities.
The partnership will host seminars beginning in Los Angeles and Dallas, and target REO sales in markets in California, Texas, Las Vegas and Atlanta.
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