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Tag Archives: New Vista

Study Uncovers Declines Among Owner-Occupant REO Buyers

Looking for an REO buyer? It's becoming harder to find owner-occupants to fit that bill. New Vista Asset Management has published the results of a three-year study on buyers of foreclosed homes, covering 18 counties hit hardest by the mortgage crisis. The company says the percentage of REO homes sold to owner-occupants has decreased in almost every market. In Los Angeles, for example, the share of owner-occupant REO buyers dropped from 80 percent in 2009 to 60 percent by the third quarter of 2011.

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New Vista Acquires REDC’s REO Asset Management Business

New Vista Asset Management announced Tuesday that it has purchased the REO asset management business unit of REDC Default Solutions, LLC. Terms of the transaction were not disclosed. The asset management unit, previously operated within REDC, which is a wholly-owned subsidiary of Irvine, California-based Auction.com, LLC(formerly Real Estate Disposition, LLC), offers outsourced residential asset management services for banks and other financial institutions.

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New Vista Approved for HUD’s Oversight Program of REO Vendors

New Vista Asset Management has been approved by HUD to serve as a subcontractor to RiskSpan's oversight and review of the HUD Homes REO disposition program. RiskSpan selected New Vista to augment its team to support the HUD oversight contract activities, including review of the structure and content for key performance and process reports used to determine the effectiveness of HUD's third generation of Management and Marketing (M&M III) contractors.

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New Vista CEO Named Chair of Fed’s Consumer Advisory Council

The Federal Reserve announced Monday that it has named 10 new members to its Consumer Advisory Council and designated a new chair and vice chair for 2011. The council advises the Federal Reserve board on the exercise of its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. Jim Park, CEO of the REO disposition firm New Vista Asset Management, has been selected to chair the council.

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REO Firm Hires Industry Veteran for Key National Sales Role

San Diego-based New Vista Asset Management, a nationwide provider of REO asset management services, announced Tuesday that foreclosure industry veteran Ivan Choi is the company's new national default sales executive. Choi has 15 years' experience in the foreclosure and mortgage banking market. He previously held executive positions with Prospect Mortgage and Bank of America.

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Fannie Mae to Auction 100 South Florida REOs

Fannie Mae has issued a media bulletin with details of a property auction in South Florida, a market that continues to struggle with high numbers of home repossessions and a backlog of foreclosure cases. The nation's largest mortgage company will auction off 100 Fannie Mae-owned REOs in Florida's Miami-Dade, Broward, and Palm Beach counties on August 14th.

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