Tag Archives: Neighborhood Stabilization Initiative

The number of REO properties has substantially declined over the last few years, but it remains elevated in some pockets,

The FHFA said that beginning December 1, 2015, local community organizations will be able to review and purchase foreclosed properties owned by Fannie Mae and Freddie Mac in the newly added 18 metro areas before they hit the public market.

The Neighborhood Stabilization Initiative is a set of strategies that aim to help delinquent borrowers avoid foreclosure and create a more efficient disposition path for foreclosed properties that will first be introduced in Cook County, Illinois. The housing market in the county, which contains Chicago, took a precipitous dive at the end of 2008 that took four years to reverse, according to data from DePaul University.