Fannie Does Bulk REO Sale
WASHINGTON-Fannie Mae recently completed a bulk sale of 260 homes with 10 different investors acquiring the properties, which were classified as real estate-owned.
"This was the worst of the worst," said one investor, requesting anonymity. The sale of the lots is in the process of closing, said the investor. Mortgage Servicing News first reported on the auction this past fall. No price was disclosed.
Sources close to the auction confirmed the sale results. Moreover, the GSE is contemplating a larger bulk sale in the company months. A company spokeswoman declined to comment but stressed that Fannie's preference is to sell its REO inventory to owner occupants and not investors.
At the end of September 2009 Fannie had an REO inventory of 72,275 homes. During the first nine months of the year it acquired 98,428 homes through foreclosure while selling 89,691.