Fannie Partners With Minority RE Groups

Fannie Mae has agreed to work with Hispanic and Asian real estate professionals through a new venture that will market the mortgage company's foreclosed properties to minority homebuyers.Gary Acosta, a co-founder of the National Association of Hispanic Real Estate Professionals, and Jim Park, president and chief executive of the Asian Real Estate Association of America, founded New Vista Asset Management to market real estate owned by using their connections with real estate brokers in minority communities. "New Vista is excited to work with Fannie Mae to create a new path to homeownership using these REO units," Mr. Park said. A former Freddie Mac executive, Mr. Park also wants to work with lenders to create loan products suitable for first-time homebuyers. "Our focus is to market and sell these units directly to first-time and minority homebuyers using a national network of real estate professionals with deep roots in minorities as well as initiate consumer-direct outreach efforts to pair up mortgage-ready homebuyers to available REO properties," Mr. Park said. Fannie Mae can be found online at http://www.fanniemae.com.