‘Fix-and-finance’ a cure for foreclosures?

Effort targeted at Fannie, Freddie REO inventory

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Tom DiMercurio has spent nearly 40 years analyzing, managing and selling foreclosed properties. He is the brains behind, a Web site that provides foreclosure information to interested parties such as consumers, investors and real estate agents. When a bank finds itself with a ton of real estate-owned (REO) inventory, he's often called on to propose a liquidation strategy. Now, DiMercurio is spending his own money in offering a solution to a national foreclosure problem that seems to be getting larger every day. He's made two trips to the nation's capital trying to get in front of legislators with an idea that he feels could stabilize neighborhoods torn apart by empty homes no longer properly maintained. He's written Rep. Barney Frank, D-Mass., the chairman of the House Financial Services Committee, seeking to discuss a plan similar to the successful one he devised for the devastated Houston, Texas, market of 1986-88. He would welcome the chance to chat wit...