announced today that it has been selected by 24
Asset Management Corporation to provide three important buyer
protection services designed for the recently-announced national Homeowners
Assurance Program (HAP), a public-private partnership. HAP will
Home Warranty and Job-Loss Protection programs at competitive rates.
All home buyers will also qualify for low-cost homeowners insurance
that doesnt require a credit check and can be added to the buyers
monthly mortgage payments through a mortgage escrow account with the
OSC is a specialist in financial risk management insurance services and
products for lenders. The Homeowners Assurance Program is a
public-private partnership between 24 Asset Management Corp. and the National
Association of Real Estate Brokers (NAREB®), the nations
oldest African-American real estate trade association. Under HAP,
investors are acquiring HUD REO properties from the HUD inventory and
then renovating and marketing the homes at competitive prices.
Its anticipated that these buyer protection features will help spur
sales of the newly repaired or renovated homes acquired from HUDs
inventory. The HAP program also offers buyers reduced closing costs and
competitively-priced mortgage loans.
Ted Lamb, chief operating officer of OSC (formerly the Overby-Seawell
Co.) said, In todays challenging housing market, HAP has developed a
platform of services that will help home buyers, financial institutions
and the federal government reduce the large inventory of bank-owned
residential real estate. This is the kind of initiative that will help
to jump-start the residential housing market upturn, and it is a great
incentive to buy a HAP renovated home.
NAREB will provide the real estate infrastructure to drive the demand
side of first time homebuyers and others who have been locked out of the
home buying process. For more than 60 years, NAREB has participated in
meaningful legal challenges and has supported legislative initiatives
that ensure the availability of fair and affordable housing for all
The programs beta test started in Atlanta late last year and, beginning
in the second quarter of this year, the program will be rolled out into
four additional markets: Los Angles, Houston, Miami and Baltimore. HAP
has secured more than $1.2 billion from private investors for the
OSC, long-active in the REO market, has historically arranged for hazard
and flood insurance on lender-owned homes and commercial real estate.
OSC and its parent company, Breckenridge Insurance Group, market similar
home warranty and job-loss protection products.
OSC will provide three insurance products designed for the HAP
OSC, a specialist in insurance and risk management services and
products, offers a comprehensive range of portfolio protection and
financial risk management services to both large and small institutions.
OSC, with its parent company Breckenridge
Insurance Group, augments its traditional collateral protection
insurance coverage options with additional lending and insurance
products including home warranties, job-loss protection and specialty
About the Homeowners Assurance Program (HAP)
The Homeowners Assurance Program is an industry-led, private solution
to the national mortgage crisis. It is designed to serve the demand side
of the homeownership solution across the country that has been
negatively affected by the national mortgage crisis and the limited
access to credit for new homebuyers.
The National Association of Real Estate Brokers (NAREB) has a vast
network of industry professionals including: Realtists®, brokers, sales
agents, appraisers, mortgage brokers, and loan officers as well as
practical experts in pre and post counseling, loss mitigation,
foreclosure, property management, housing construction, and development.
NAREB will serve as the boots on the ground for HAP to provide the
agent infrastructure to manage, market and dispose of non-performing
loans and REO assets acquired under the HAP initiative to first time
home buyers and other home buyers who are stuck in the process of
purchasing a home.