The veterans of this business can remember when REOs ran in the neighborhood of 150,000 a year, delinquency rates were just around 4 percent, and you only needed a credit score of 620 to qualify for a prime mortgage loan. But the housing finance industry, and default servicing especially, has changed. In the cover story of it's September issue, DS News looks at the many factors--from a slew of new regulatory mandates to an altered public perception of debt obligations--that have altered the business into something far from customary.
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Program Launched to Help Investors Buy REOs in Chicago Suburbs
In an effort to help investors overcome the barriers to successfully investing in bank-owned homes in the Chicago area, Mack Companies, a home redeveloper headquartered in Tinley Park, Illinois, recently introduced the Real Estate Cash-flow and Appreciation Program (RECAP). According to Mack Companies, RECAP represents the lowest cost, highest return on investment, and easiest approach for small investors to profit from high-quality, positive cash-flow real estate.
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