OSC Partners With 24 Asset Management Corp. to Roll Out Home Buyer Protection Insurance Products as Part of the National Association of Real Estate Brokers’ (NAREB®) 25-City Homeowner’s Assurance Program (HAP)


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 Homeowner’s

Assurance Program (HAP), a public-private partnership. HAP will

include OSC’s

Home Warranty and Job-Loss Protection programs at competitive rates.

All home buyers will also qualify for low-cost homeowner’s insurance

that doesn’t require a credit check and can be added to the buyer’s

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 Homeowner’s Assurance Program is a

public-private partnership between 24 Asset Management Corp. and the National

Association of Real Estate Brokers (NAREB®), the nation’s

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.

It’s anticipated that these buyer protection features will help spur

sales of the newly repaired or renovated homes acquired from HUD’s

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 today’s 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 program’s 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


About OSC

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 Homeowner’s Assurance Program (HAP)

The Homeowner’s 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.