Fannie Mae, which has been saddled with more foreclosed homes than any investor in the U.S., spent $449 million last year maintaining those properties, according to a new report from the GSE. The government-controlled company said it spent $182 million making "significant repairs" to its real estate owned (REO) inventory and $267 million on "maintenance." The GSE sold 120,000 REOs last year, with 68% of them going to owner occupants. Fannie also sold properties in bulk to investors, though that represents a small portion of its sales. In a recent interview, a GSE spokeswoman said the company prefers to sell its REO to owner occupants.
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