Fannie Mae, which has temporarily suspended certain REO sales because of the foreclosure-gate scandal, plans to hold its servicers responsible for increased carrying costs on these properties, industry sources told National Mortgage News.
Moreover, the GSE has already come up with a loss estimate on what that cost might be: upwards of $150 million, said one REO manager close the situation.
As National Mortgage News went to press, a company spokeswoman had not returned two telephone calls about the matter.
"Over the past 45 days, there's been a lot of fall-out from this scandal," said a source close to Fannie. "When a property gets pulled off the market, that results in the carrying cost becoming greater. Lawns need to be cut and houses need to be cleaned. It can add up."
The low estimate on what Fannie might lose is $50 million, sources said.
