FORT WASHINGTON, Md. -- Business Information Network Inc. is offering investors a computerized source of information on real estate in foreclosure.
The new product, FedNet, is an on-line data base of information on 70,000 residential and commercial properties. It is an outgrowth of the company's contract with the Resolution Trust Corp. to develop a data base of its properties from the portfolios of failed thrifts.
FedNet includes RTC listings and adds properties taken over by other federal agencies, such as the Department of Housing and Urban Development and Veterans Administration. It also covers properties foreclosed by banks and savings and loan associations.
The list of properties will be updated weekly. A calendar of scheduled auctions and sales also is included.