PEMCO Awarded Five Asset Manager Contracts Under HUD’s M&M III

""Pacific Engineering Management Company"":http://www.pemco-limited.com/index.php (PEMCO, Ltd.), a full-service real estate management firm based in[IMAGE]

Honolulu, recently announced that it has been awarded five asset manager contracts under the third generation of HUD's management and marketing program (M&M III).

As the largest seller of residential real estate in the world, HUD contracts with private companies to manage its large real estate portfolio. These ""HUD"" homes are the product of Federal Housing Administration (FHA)-insured mortgage foreclosures and are offered for sale ""as is"" with a focus on

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owner occupants. HUD's current level of foreclosed FHA property is approximately 44,000 homes representing close to $4 billion in value.

""As DSNews.com previously reported"":http://dsnews.comarticles/hud-awards-55-contracts-under-mm-program-divides-responsibilities-2010-06-14, HUD awarded a total of 55 new contracts â€" 23 to companies who will serve as asset managers and 32 to companies who will serve as field service managers â€" under the M&M III. While M&M contractors were previously responsible for both the maintenance and marketing of HUD's REO properties, these new contracts separate those functions.

PEMCO, which has been managing HUD's residential real estate program for more than 10 years, said its latest award represents the largest territory for the company to date, as it encompasses 26 different states in five regions across the country.

Currently, PEMCO has offices in Honolulu; Sacramento, California; and Atlanta. These offices, the company said, represent a presence in each of HUD's Homeownership Center (HOC) regions. PEMCO said its intention is to further the company's presence with the new contracts under the M&M III by opening an office within the Denver HOC region.