BrokerageIndustry News

Realtors seek details of ‘secretive’ REO bulk sales

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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 FHFA, the federal regulator that oversees Fannie Mae and Freddie Mac, announced last year that was considering bulk sales of properties to investors, with the goal of converting REO properties into rentals. After collecting feedback and under pressure from lawmakers to move forward with the program, FHFA in February announ...