Now we are looking on the crossword clue for: Sought after classic car.
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Possible Answers: REO.
Last seen on: Canadiana Crossword – Aug 21 2017
Random information on the term “REO”:
Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction. A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset. (See non-performing asset).
The term REO originates from the term other real estate owned (OREO), which is used on financial statements to classify real estate property owned by a financial institution but which is not directly related to its business. These financial institutions are often the lender. Lenders are primarily in the business of making loans with the intent that nearly all of those loans will be repaid in full with interest. Seizing, managing and reselling real property collateral to recover unpaid loan balances is secondary to lenders’ primary line of business. Property management companies, for whom real estate management is their primary business, use the term OREO.