Published on November 25, 2014 by Federal Housing Finance Agency
FOR IMMEDIATE RELEASE
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac (the Enterprises) to alter one of their policies relating to the sale of real estate owned (REO) properties in their current inventory. The change will permit the two companies to sell existing REO properties to any qualified purchaser at the property’s fair-market value, as determined by the Enterprises.
Prior to today’s directive, the Enterprises required homeowners who have been through foreclosure and want to buy their home back to pay the entire amount owed on the mortgage. This requirement similarly applied to anyone buying the home for the benefit of the previous homeowner. Under the new policy change for existing REO properties, former homeowners who are able to repurchase their home – or a third-party able to purchase on their behalf – may do so under the fair-market value policy that already applies to other purchasers of REO properties.
For more info: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Directs-Fannie-Mae-and-Freddie-Mac-to-Change-Requirements-Relating-to-Sales-of-Existing-REO.aspx