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by CareyBot

HomeVestors of America, the company famous for its "We Buy Ugly Houses" billboards, will launch a Real Estate-Owned (REO) program July 1, to buy "ugly notes" from banks and financial institutions nationwide. HomeVestors plans to purchase performing notes, non-performing notes, and REOs on single-family homes that will expand the company's inventory to HomeVestors' franchisees. The company plans to upgrade most of the homes and their respective communities. The company also will launch a Web site to support the program and offer more information. "We are giving an outlet to the investment community to sell us a product that no longer fits their portfolio," HomeVestors VP of Finance Mike Stoner said. "We will hold performing loans for our portfolio, as well as loans that can be reworked...