Put contractors back to work by lending them the money to repair foreclosed properties for the mortgage holder. This may stop lenders from selling properties for significantly lower than market value. In the past the mortgage holders would sometimes make these repairs to get more money out of the property. Today's volume may be preventing this practice. I am also curious -- how much of this "no repairs" behavior is because mortgage insurance is picking up part of the tab. The agreement should be between the holder of the mortgage, maybe the mortgage insurer and the contractor. They agree to the needed repairs, and costs of those repairs, to sell the home quickly for top dollar. The mortgage holder's Realtor should be able to determine an after- repair competitive- range of value.
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