Major Banks agreeing to let local groups buy foreclosures before they are sold to private investors

Tuesday, February 07, 2012

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Major Banks agreeing to let local groups buy foreclosures before they are sold to private investors

Top News

Thursday, 02 September 2010 19:03

By Elizabeth Martinez

Miami, Fl- Major Banks, such as Bank of America and Wells Fargo, are agreeing to allow local government and nonprofit groups to buy foreclosure homes before they are sold to private investors.

Although Congress has provided $7 billion to buy the homes, It is usually harder for these groups to make use of the federal money because they are often outbid by speculators and private investors who are taking up foreclosures. The neighborhood organizations will have up to 48 hours to evaluate them.

The Obama administration said Wednesday that these local groups could benefit from buying these properties and renovating them or using the land for redevelopment projects.

"The fear is that they will purchase the property, make very minimal to no improvements on it, and either put it back on the market as a rental unit or let it sit waiting for the market to come back," said Sarah Greenberg, senior manager for community stabilization at NeighborWorks America, a nonprofit housing group.

"This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods," Housing and Urban Development Secretary Shaun Donovan said in a statement. Donovan said about 100,000 properties are likely to be sold through the program.

Furthermore, the National Community Stabilization Trust, a nonprofit group, has agreed to collect information about foreclosed properties and help local groups identify which ones to purchase.

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