Bill would stop bulk REO sales in California

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

California Rep. Gary Miller -- who's getting major backing from the National Association of Realtors as he runs for reelection to Congress in a new district -- has introduced a bill that would put the brakes on bulk sales of Fannie Mae real-estate owned (REO) homes in the state.H.R. 5823, the "Saving Taxpayers from Unnecessary GSE Bulk Sale Programs Act of 2012," would prevent Fannie Mae and Freddie Mac's regulator, the Federal Housing Finance Authority (FHFA), from implementing a pilot program to sell Fannie Mae-owned properties in California to institutional investors for conversion to rentals."We are hearing from our members that housing supply is extremely tight, with REO inventory being especially low at only a two-month supply," California Association of Realtors President LeFrancis Arnold said in a statement welcoming the bill's introduction. Arnold said California home buyers "already are competing with small investors and encountering multiple offer sc...