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This is Patrick Munro financial adviser, talking about what is REO asset management. REO stands
for real estate owned. And many times banks become in that unfortunate situation. Real
estate owned is when the bank who originally put forward a mortgage to a borrower as security,
the borrower ends up defaulting on the payment of the mortgage, and the bank ends up in the
unenviable situation of owning that piece of real estate. Banks are not in the real
estate business, they're in the interest business, the mortgage business as well. And so in this
time of foreclosure crisis, credit crisis, many, many banks become in a situation where
they have to manage the portfolio of real estate that they have on their books. And
this is what real estate owned asset management is. This is Patrick Munro talking about what
real estate manage is, REO standing for real estate owned.