Partnership to push REOs, short sales in minority neighborhoods
UrbanAmerica Advisors and Green River Capital are joining forces to help facilitate REOs and short sales in minority neighborhoods – those they say are the hardest hit in the recession. "We've observed that there is insufficient participation throughout this services sector by minority-owned companies and real estate brokers," said Richmond McCoy, co-founder of UrbanAmerica. "These are the very people who can most effectively impart solutions in the communities disproportionately affected by the crisis." The new Dallas-based business is called UrbanAmerica Res Services. The new initiative is national. UrbanAmerica claims a network of 7,000 deal sourcing, loss mitigation, asset management and valuation professionals. GRC offers customized REO, short sale and loss mitigation solutions. Christopher West CEO of GRC said that UrbanAmerica Res Services will "maximize value for investors while providing a solution in situations where connecting with borrowers can be difficult." Write to Jacob Gaffney.