Banking on Foreclosures

A Cleveland based for-profit company is looking to establish a “foreclosure clearinghouse” to deliver bank-owned properties to government entities and nonprofits.

ideastream in Cleveland reports REO Clearinghouse is planning to streamline the purchasing process for local agencies that have been endowed with stimulus money to address the housing crisis.

Cuyahoga County, which recently established Ohio’s first county-wide land bank, could be a top customer.

If the business model proves feasible, REO is planning to go national, the report says.

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  1. Pingback: GLUEspace » Blog Archive » Thursday Rust Wire News Round-up

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