The U.S. Department of Veterans Affairs is reinstating its Vendee Mortgage Trust program in an effort to move real estate that it foreclosed on. The trust was started in 1992 when the VA got full faith and credit. According to StucturedFinanceNews.com, an NMN affiliate, the program is backed by loans that were made to help sell REO properties that the government has acquired. The last deal under the program was done in 2008. The agency plans to begin issuing new deals under this full faith and credit program in April, and to come to market two to three times a year, depending on flow.
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