Hunt Valley-based PHH Corp. will help the federal savings-and-loan cleanup agency unload 929 Texas homes under a contract that could open the door for millions of dollars of future government business.
The Resolution Trust Corp. announced yesterday that it ha awarded the contract for disposition of the properties to PHH Asset Management and Southwest Harvard Group, a Hispanic-owned asset management company. The homes are either in conservatorship or receivership under the RTC Dallas office.
While the initial portfolio of homes is valued at $51 million, the deal is what is known as a "bucket contract," under which the RTC will refill the "bucket" with new properties as more come under its control. The contract could cover the sale of up to $500 million worth of single-family houses over its three-year term. The PHH-Southwest Harvard team will collect an undisclosed management fee on each of the properties.