Thursday, December 13, 2007

New Vista Asset Management and Fannie Mae Partner to Turn Foreclosures Into Homeownership Opportunities for Minorities

New Vista Asset Management and Fannie Mae are teaming up to market foreclosures as affordable housing for minority and low- to moderate-income families. The initiative is part of New Vista’s proactive strategy to prevent further erosion of homeownership rates in minority neighborhoods that have been devastated by recent foreclosure trends.

“New Vista is excited to work with Fannie Mae to create a new path to homeownership using these REO units. We believe our partnership will demonstrate a more responsible way to sustain homeownership opportunities within the minority communities,” said New Vista’s CEO Jim Park. “Our focus is to market and sell these units directly to first-time and minority homebuyers using a national network of real estate professionals with deep roots in those minority communities as well as initiate consumer-direct outreach efforts to pair up mortgage-ready homebuyers to available REO properties.””*

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