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Mortgage Rescue Bill about to become Law: What Happens to REO Listing Agents?
A bill that is primarily aimed at helping struggling homeowners with all sorts of incentives and financing options is closer to becoming law. The bill will seek to insure up to $300 billion in new loans for struggling homeowners as well as rescue the two mortgage power houses, Freddie Mac and Fannie Mae, along with the FHA, These institutions provide money or insurance for home mortgages because Wall Street and other investors have largely withdrawn the mortgage market.
However, one of the bill's provisions is to give up to $4 billion grants to states to buy up and rehabilitate foreclosed properties and then turn around and re-sale them at affordable prices. With many realtors representing lenders as REO listing Agents and many more seeking to go into the REO listing business, how will the new RESCUE BILL affect the REO listing business? I have seen promotions from so-called REO training/coaching experts who charge thousands to prepare realtors and help them become REO listing Agents. Do you think the new bill will enable the states to deal directly with the lenders or will the states still have to go through the REO listing Agents?
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