Realtors seek details of 'secretive' REO bulk sales

Fannie, Freddie regulator says it will release 'pertinent information' when deals close

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California Realtors say Fannie Mae and Freddie Mac’s federal regulator is moving forward with bulk sales of real estate owned (REO) homes in "a highly secretive manner," without giving full consideration to the objections of California lawmakers or the program’s potential negative economic impact on housing markets and cost to taxpayers.

The Federal Housing Finance Agency is implementing an "ill-conceived" plan while "refusing to disclose any details, such as property locations, final property count, sales price, or names of winning bidders," said LeFrancis Arnold, president of the California Association of Realtors, in a statement