Stella Adams @fairhsgstella
Housing Experts
Defines the Term REO
While testifying on Capitol Hill Housing and Urban Development (HUD) Secretary Ben Carson mistakes the real estate term "REO" with the popular brand cookies “Oreo" when asked by Democratic Rep. Katie Porter to define “REOs”
Dr. Michael Robinson: How would you explain REO to a non housing expert? And what is REO?
Stella Adams: REO properties are foreclosed properties owned by the lender or in this case FHA which is under HUD's jurisdiction. The Congresswoman was asking why so many foreclosures at HUD became REO properties compared to FannieMae or FreddieMac (commonly called the GSEs by housing folks) FannieMae and FreddiMac have a better track record of helping borrowers retain their homes after foreclosure than FHA and the question is why" OREO other real estate owned.
Dr. Michael A. Robinson: What is OREO? Is it a housing term?
Stella Adams: OREO is typically used when banks have real estate holdings on their books that are non performing assets. This could be from commercial or multi-family or other types of real estate that has defaulted or gone into foreclosure.
Dr. Michael A. Robinson: Should we be concerned that the Sec. of HUD appears to be unfamiliar with these terms?
Stella Adams: We should be concerned that Secretary Ben Carson staff did not prepare him for the hearing. No Secretary is versed on every aspect of their department. He was no less prepared than the Homeland Secretary who could not answer questions about the number of children who had been separated from their families. Secretary Carson should have been better prepared by his staff for the hearings. Each of his Asst. Secretaries should have prepared briefing notes with a glossary of terms and key issues that Congress may want addressed related to their area.
Stella Adams is a civil rights professional with over 20 years experience with civil rights enforcement. She has worked tirelessly to provide equal access and equal opportunity to all. Her specialties include:Fair Housing Investigations, Fair Lending Investigations, Fair Housing Policy, Fair Lending Policy, Mortgage Fraud Investigations, Analysis of Impediment studies, Foreclosure Prevention/Loss Mitigation, Civil Rights Education and Advocacy. Stella Adams, is the Founder and CEO of SJ Adams Consulting; a full service civil rights research and consulting firm located in Durham, NC. S J Adams Consulting provides a broad range of services to non-profit community based organizations, government and industry to assist them in meeting their fair housing, fair lending, diversity or environmental justice goals. These services include Fair Housing/Lending audits, Fair Housing Planning, Research, Mystery Shopping, Civil Rights Investigations, Mortgage Fraud Investigations, Compliance Programs, Training Programs, and Independent Assessments. S J Adams Consulting is dedicated to the creation of equal housing opportunity and equal access to financial services for all citizens regardless of race, color, religion, sex, national origin, marital status, familial status, disability.
Stella Adams: REO properties are foreclosed properties owned by the lender or in this case FHA which is under HUD's jurisdiction. The Congresswoman was asking why so many foreclosures at HUD became REO properties compared to FannieMae or FreddieMac (commonly called the GSEs by housing folks) FannieMae and FreddiMac have a better track record of helping borrowers retain their homes after foreclosure than FHA and the question is why" OREO other real estate owned.
Dr. Michael A. Robinson: What is OREO? Is it a housing term?
Stella Adams: OREO is typically used when banks have real estate holdings on their books that are non performing assets. This could be from commercial or multi-family or other types of real estate that has defaulted or gone into foreclosure.
Dr. Michael A. Robinson: Should we be concerned that the Sec. of HUD appears to be unfamiliar with these terms?
Stella Adams: We should be concerned that Secretary Ben Carson staff did not prepare him for the hearing. No Secretary is versed on every aspect of their department. He was no less prepared than the Homeland Secretary who could not answer questions about the number of children who had been separated from their families. Secretary Carson should have been better prepared by his staff for the hearings. Each of his Asst. Secretaries should have prepared briefing notes with a glossary of terms and key issues that Congress may want addressed related to their area.
Stella Adams is a civil rights professional with over 20 years experience with civil rights enforcement. She has worked tirelessly to provide equal access and equal opportunity to all. Her specialties include:Fair Housing Investigations, Fair Lending Investigations, Fair Housing Policy, Fair Lending Policy, Mortgage Fraud Investigations, Analysis of Impediment studies, Foreclosure Prevention/Loss Mitigation, Civil Rights Education and Advocacy. Stella Adams, is the Founder and CEO of SJ Adams Consulting; a full service civil rights research and consulting firm located in Durham, NC. S J Adams Consulting provides a broad range of services to non-profit community based organizations, government and industry to assist them in meeting their fair housing, fair lending, diversity or environmental justice goals. These services include Fair Housing/Lending audits, Fair Housing Planning, Research, Mystery Shopping, Civil Rights Investigations, Mortgage Fraud Investigations, Compliance Programs, Training Programs, and Independent Assessments. S J Adams Consulting is dedicated to the creation of equal housing opportunity and equal access to financial services for all citizens regardless of race, color, religion, sex, national origin, marital status, familial status, disability.