American Banker (07/03/08) P. 20; Adler, Joe
The Federal Deposit Insurance Corp. stresses the importance of valuing foreclosed properties, or "other real estate," correctly, in a new guidance made available to banks under its oversight. Institutions are also reminded to comply with local buildings codes and tax rules as well as to follow accounting standards to hold assets through their disposition. "Efforts to ensure an ORE property is maintained in a marketable condition not only improve an institution's ability to obtain the best price for the property, but also minimize liability and reputation risk," says the FDIC.
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