In addition to prohibiting bulk sales of foreclosed properties, individuals and other entities will have a 45 day window after a foreclosure auction to beat the highest bid.
The trend of sharply declining repurchases commenced in 2014 as investors and sellers began settling buyback claims on mortgages dating back to before the financial crisis.
Rep. Andy Barr of Kentucky: “Important sectors of our economy, including hospitality, conventions, entertainment, retail and commercial real estate, remain in stress."