CLEVELAND, Aug. 4, 2012 /PRNewswire/ -- Last year at the National Convention in New Orleans, the National Association of Real Estate Brokers, Inc.® (NAREB®) announced a landmark engagement between the National Association of Real Estate Brokers and Wall Street investors to produce a 25-city, $1.2 billion REO and foreclosure mitigation initiative called the Homeowner's Assurance Program (HAP). The program is designed to address the devastating effects of foreclosures on minority communities across America. Since then, the HAP initiative, which is a non-governmental, industry-led solution to the nation's housing crisis, has rolled out in all of NAREB's® markets.
This past February, at NAREB's® Mid-Winter Conference, it was announced that loss mitigation expert, 24 Asset Management Corporation, had been selected by the HAP investors to manage the REOs and non-performing loans purchased from the U.S. Department of Housing and Urban Development (HUD) and other financial institutions. Now, NAREB® and 24 Asset are progressing to the next phase, in which 24 Asset will make available the opportunity for NAREB® approved brokers to provide REO broker services to other 24 Asset clients such as Fannie Mae, JP Morgan Chase, CITI, and other lenders. The opportunity to provide services will also include property preservation and field services.
The HAP infrastructure to manage, market, and dispose of nonperforming loans and REO assets acquired under the program is solidly in place, ensuring minority inclusion in the housing recovery over the next several years.
The next phase of the HAP initiative will be launched on Sunday, August 5, 2012 at the Annual Convention of NAREB® in Cleveland, Ohio. This phase will target troubled homeowners and will include first-time homebuyers and others who are caught in the credit crunch and having trouble purchasing a home. HAP will partner with NAREB® professionals who will provide the "Boots on the Ground" to prequalify homeowners and homebuyers using proven and effective prequalification, pre-mortgage, and post-mortgage protocols. HAP is committed to working with existing homeowners to assist them in staying in their homes, or in relocating to housing they can afford as the second option. HAP will marry the investor dollars to the opportunity to purchase REO properties from banks, GSEs, and others and after renovated, if necessary, to be sold to a prequalified pool of homebuyers to repopulate and stabilize the targeted communities.
"We are very pleased that the HAP initiative is being launched in partnership with 24 Asset," says NAREB® President, Julius Cartwright. This is going to create an incredible business opportunity for our qualified NAREB® members to play a critical role in helping to sustain, preserve, and restore minority neighborhoods across the country. In addition it means helping our members gain access to the efforts of the Government Sponsored Enterprises (GSEs) and banks in reaching clients that NAREB® members have traditionally serviced for the past several decades," he said.
"We are pleased to support the HAP initiative and provide access to NAREB® and its members," says 24 Asset's Executive Vice President, Don Maxwell. "This program will bring inclusion to this historical trade organization that for years has served the minority community across the country."
24 Asset Management Corp. (24 Asset) is a full-spectrum early stage delinquency, borrower outreach, loss mitigation, late stage recovery, and REO asset management company providing industry leading solutions. With corporate offices located in the Eastern, Southeastern and Western United States, 24 Asset is able to provide service across all four time zones. 24 Asset prides itself on a commitment to providing clients with specialized services in a centralized environment. 24 Asset also holds a GSA Financial and Business Solutions Schedule Contract. Under this contract, GS-23F-0023Y, 24 Asset has the ability to offer its loss mitigation, debt collection, asset management, REO, and portfolio services to all Federal agencies with greater ease of procurement. For more information, visit www.24companies.com.
SOURCE National Association of Real Estate Brokers (NAREB)