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Daily Real Estate News | May 4, 2009 |
Ford Foundation to Help Buy Up Foreclosures
The Ford Foundation plans to spend $50 million on a new nonprofit venture that will provide money to a consortium of community-based nonprofits. Through this organization, they can broker deals between cities trying to rehabilitate neighborhoods and mortgage servicers that want to sell foreclosed properties.
The consortium will attempt to simplify and accelerate the market. It will work with state and local governments and other groups that have received grants from the Department of Housing and Urban Development to redevelop foreclosed homes.
The consortium is courting financial institutions such as J.P. Morgan, Bank of America Corp., and GMAC Financial Service, in the hopes to get discounted prices on foreclosed homes before they are listed for sale to the public.
Source: The Wall Street Journal, Mike Spector (05/03/2009)
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