Countrywide Financial, the nation’s largest mortgage lender, has joined with New Vista Asset Management, a San Diego real estate management and marketing company, to find qualified buyers for the many homes that Countrywide recently took back in foreclosure.
In an April 25 statement, New Vista Asset Management and Calabasas-based Countrywide said they will be hosting several community seminars for first-time homebuyers to educate them abut buying foreclosed properties, called REO in banking parlance for real estate owned.
The program is designed to help minimize the impact of foreclosures on neighborhoods by reaching out to buyers interested in residing in certain areas. New Vista has a network of real estate professionals who have deep roots in minority communities and are able to ensure that homebuyers in these areas have a chance to purchase the REO, the companies say.
“Countrywide has always been a clear industry leader in serving and promoting minority homeownership,” said New Vista Chairman Gary Acosta.
The two companies began working on the program in October and plan to offer seminars in Los Angeles and Dallas soon. The firms are also targeting the following cities: San Diego, Sacramento, Las Vegas, Fort Worth, Texas, Houston, San Antonio and Atlanta. No dates for the seminars were given.
, Mike Allen