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by CareyBot

Bank of America says it will give municipalities receiving neighborhood stabilization grants a "first look" opportunity to purchase bank-owned properties before they are listed on multiple listing services and public sites.The bank said it's streamlining the process for municipalities to purchase properties from its real estate-owned (REO) portfolio to help them leverage federal grants and minimize the impact of foreclosed homes on surrounding property values.Eligible municipalities will be given private access to a new Bank of America Web site that will provide real-time listings of all the bank's REO properties.Local and state government departments receiving grants from the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program will also have the...