FHFA Statement on REO Pilot Transactions

WASHINGTON, D.C. – November 2, 2012 – (RealEstateRama) — “The Federal Housing Finance Agency (FHFA) is encouraged by the results of Fannie Mae’s first Real Estate Owned (REO) pilot transactions and remains committed to pursuing efforts that build upon the success of this initiative. This is in keeping with FHFA’s Strategic Plan for the Enterprise Conservatorships which called for implementation of the REO initiative and creative strategies for placing foreclosed homes back into the marketplace in order to reduce losses.

FHFA is pleased that Pacifica Companies, LLC has purchased 699 Fannie Mae properties in Florida, The Cogsville Group, LLC has purchased 94 properties in Chicago, and Colony Capital, LLC has purchased 970 properties in California, Arizona and Nevada as part of this initiative targeted to hardest-hit metropolitan areas — Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida. Although the Atlanta properties were not awarded they will be evaluated for future transactions.”

Additional details about the transactions are available here. FHFA will announce any future offerings and investors may continue to prequalify for future real estate owned transactions here.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

Contact:

Corinne Russell
(202) 649-3032

Stefanie Johnson
(202) 649-3030

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FHFA

The Federal Housing Finance Agency (FHFA) was created on July 30, 2008, when the President signed into law the Housing and Economic Recovery Act of 2008.  The Act created a world-class, empowered regulator with all of the authorities necessary to oversee vital components of our country’s secondary mortgage markets – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.  In addition, this law combined the staffs of the Office of Federal Housing Enterprise Oversight (OFHEO), the Federal Housing Finance Board (FHFB), and the GSE mission office at the Department of Housing and Urban Development (HUD).

Contact:

1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: (866) 796-5595

Corinne Russell
(202) 414-6921
Stefanie Mullin
(202) 414-6376

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