A new state "foreclosure clearinghouse" will give affordable housing organizations and municipal housing authorities 48 hours to express interest in new REO property before it hits the open market, and allow for bulk property sales.

The initiative would give housing authorities the first shot at a centralized database of REO properties owned by eight major lenders, including: Fannie Mae; Freddie Mac; Citibank; Wells Fargo; GMAC; JP Morgan Chase, including Washington Mutual; and Bank of America, including Countrywide.

The program, the first of its kind in the nation, was unveiled today by Gov. Deval Patrick, Rep. Barney Frank, and the Citizens Housing and Planning Association (CHAPA).

CHAPA will administer the database, which will give affordable housing organizations approximately 48 hours to express interest in newly-added REO properties before they hit the open market. The plan also allows affordable housing organizations to purchase 10 or more properties at a bulk rate.

Once a buyer expresses interest, the two sides have two weeks to come to an agreement over price, with CHAPA and the National Community Stabilization Trust serving as intermediaries.

"It was really a nightmare [for housing groups to buy foreclosed properties]," said Aaron Gornstein, executive director of CHAPA. "There was no coordinated system that has been set up, and that’s what this clearinghouse is going to do.

"It’s more efficient," said Gornstein. "You have a single closing, and you’re able… to revitalize an entire block, instead of one home at a time. The trust has worked out agreements with each of these lenders so that in the case of bulk sale, they’ll work across the lenders."

Approximately 50 groups are now pre-qualified by CHAPA to purchase properties from the clearinghouse. CHAPA is working with 30 Massachusetts communities to mediate between the housing authorities and other interested parties. Only one organization per community would be entitled to first rights on available properties.

"We’re hoping to recover some of these properties that would have just languished on the market, or be purchased by a [speculator]," Gornstein said. "We’re trying to put it in the hands of a responsible homeowner."