abbreviations for other real estate; other real estate owned. Generally, foreclosed property held by lending institutions. Shown in an account of a bank or savings and loan association that includes property other than real estate used for bank operations.
other real estate, other real estate owned. Generally, foreclosed property held by lending institutions. An account at banks or savings and loan associations that includes property other than real estate used for bank operations.
Example: The Office of Thrift Supervision (OTS) monitors real estate loans at lending institutions and places foreclosed real estate on the ORE list. When ORE exceeds 2% of an institution's assets, the OTS takes steps to reduce losses and safeguard the institution.
