Bank of America is giving cities, not private buyers, the inside skinny on new foreclosures.
The nation’s biggest mortgage lender and servicer has come out with a new way of working with states and cities like Chicago that are receiving Neighborhood Stabilization Program grants from the U.S. Department of Housing and Urban Development.
If it all works according to plan, the result may be that cities have an easier time buying foreclosures, redeveloping them and then reselling them to homeowners in neighborhoods hardest hit by the housing crisis. Source: RISMedia.com
