REO Rescue
Peter Monroe was the President of the Resolution Trust Corporation (RTC) Oversight Board. “The RTC successfully oversaw the largest liquidation of REO (real estate owned) in our nation’s history”, said Mr. Monroe. “This experience qualifies me to engage effectively in the REO business. In its REO program the RTC used seller financing with great success. The REO rescue program (RRP) will do the same.
RRP will make vacant homes available to inner city residents through the use of seller financing and low down payments. Banks are not making loans to moderate credit, but cash poor, buyers seeking homes in red-lined areas. Yet, speed of re-occupancy is necessitated by the lightning-fast vandalism of vacant homes in the inner cities. Therefore, our no-red-tape seller financing is imperative” Monroe emphasized. It also makes RRP’s success completely dependent on the ability of new homeowners to make their mortgage payments. “They win—we win” said Monroe. “It’s that simple”.
However, no seller financing program will work unless the city is committed to its success. At present, many cities throw up road blocks to that success. Thus, the program will not work in any City unless the city leaders are unequivocally committed to the merits of a seller-financing “self-help” program by new buyers of affordable housing.