Fannie bares her teeth
Freddie Mac and Fannie Mae - the hillbilly kissin’ cousins of the nation’s secondary mortgage market - instituted a long-needed reform to the sale process of its REO (foreclosed) properties. The “First Look” program gives buyers purchasing a primary residence for their own use, a 15-day head-start before investors can submit offers on the same property.
Nearly 18 months ago I met with the field staff of Congresswoman Susan Davis’ office on this matter and I was glad to see both Fannie and Freddie get on board. The problem in a nutshell is this: Investors, including large syndicators began snapping up foreclosures at an astonishing rate converting large percentages of owner-occupied housing into rental stock.
What’s wro…
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