Countrywide Selling Foreclosed Homes

April 28, 2008

San Antonio News Reported, 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.

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