Short Sale Soundoff: FHFA announces first winning bidder in REO pilot initiative
The FHFA has announced that Pacifica Companies, LLC has purchased 699 Fannie Mae properties in Florida as part of an REO pilot initiative.
FHFA will announce the winning investors for properties in other areas upon closing of the transactions in the coming weeks. Properties in Atlanta (541) were not awarded. Those properties will be evaluated for disposition through Fannie Mae’s retail sales operation or through future structured transactions. All properties were sold near or above market value, according to FHFA.
C.A.R. vehemently opposes the FHFA REO pilot program, as it calls for the sale of nearly 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Inland Empire areas to yet undisclosed institutional investors.