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Economic News

Fannie Mae Pays Closing Costs on Their REO Properties

Fannie Mae makes their move

ForeclosureThe lending industry has had a historic year so far as the landscape changes, the government changes policies and recovery continues to seem far away. This month, FHA raised mortgage insurance premiums as their coffers get empty and Representative Barney Frank calls for Fannie Mae and Freddie Mac to be abolished. Historic times, indeed.

Each segment of the housing market, especially the lending sector is modifying policy and procedure and even offering incentives to keep the buyer pool interested. Today, Fannie Mae announced a new incentive through their HomePath.com REO site.

The incentive offered:

According to Fannie Mae, the discount can be used for closing cost assistance or the buyer’s choice of appliances. The offer applies to any owner-occupant who closes on a property listed on HomePath.com before May 1, 2010.

“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover,” said Terry Edwards, EVP of Fannie’s credit portfolio management.

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Lani is the COO and News Director at The American Genius, has co-authored a book, co-founded BASHH, Austin Digital Jobs, Remote Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

13 Comments

13 Comments

  1. Fred Glick

    February 3, 2010 at 7:31 am

    How about Fannie, Freddie, FHA and VA start getting property ready for sale so people can get loans and not just make them as-is so only investors can buy them for cash.

    Also (while I am bitching), why don’t they give the properties to sell to more agents, not just the ones they have used for years that either keep the good ones for themselves or their top investor clients.

    So to recap, the foreclosure world prefers investors that will buy them cheaper and then charge more to the public (instead of Freddie, Fannie, FHA and VA, aka us!) getting fuller value back and inside deals are allowed to happen so that market values keep decreasing.

    DUH!

  2. Carolyn Wolfe

    February 3, 2010 at 3:03 pm

    Owner- occupant, huh? Well let’s hope they are in better shape than the HUDs I have seen that no firsttime homebuyer can get because FHA wont give a loan when the appliances etc are missing. The cash buyer investors and the exclusive selling agents are the only ones getting ahead in this game.

  3. LesleyLambert

    February 4, 2010 at 1:24 pm

    Well…at least they are making some efforts to be a bit more buyer friendly. Step in the right direction which we can only hope won’t be the first and last!

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