New Vista Asset Management, the San Diego-based minority-owned firm, has announced that it has sold 8,146 foreclosed properties totaling $1 billion in sales through its national real estate broker network. Sixty-six percent of the listings were marketed and sold by multicultural brokers that are a central focus of the company’s strategy. “Our sales results reflect New Vista’s commitment to providing access to REO listings to minority brokers and service to the minority community,” said Gary Acosta, the company’s chairman.Read more

Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has released FHFA’s 2009 Performance and Accountability Report (PAR) detailing the agency’s performance and achievements for fiscal year 2009. “FHFA played a leadership role in working with other government agencies, the housing GSEs, and market participants in responding to the housing finance crisis,” said DeMarco.Read more

On Feb. 5, 1988, President Ronald Reagan signed reverse mortgage insurance legislation, and it became the task of the U.S. Department of Housing & Urban Development (HUD) to create a marketable product out of the law. There were no models. So, HUD put a product-design team together. Edward J. Szymanoski, an Associate Deputy Assistant Secretary for Economic Affairs at HUD’s Office of Policy Development and Research, was a vital member of that pioneering product-development team.Read more