Fannie Mae foreclosed homes

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Fannie Mae was established in 1968, but actually the company itself appeared some years earlier, in 1938. It is important to mention, that in 2008 Fannie Mae was settled under the conservatorship of Federal Housing Finance Agency or as it can be related to - FHFA. This deal was put in force by James Lockhart, the FHFA director.

Take into consideration, that the Fannie Mae should save high liquidity on foreclosureℜ estate market as far as it deals with REO. It is the main reason the Department of Treasury of USA took the decision to input up to 200 billion dollars of USA into this company. Nowadays Fannie Mae works on mortgage markets as GSE or government sponsored enterprise. This enterprise works with the Fannie Mae REO properties to save the liquidity on mortgage markets of United States.

It is important to add that Fannie Mae works on secondary market, Fannie Mae buys foreclosed houses and as a result bad debts turn into Fannie Mae REO. In order to earn means for such operations the Fannie Mae converts its foreclosures into securities, so it enables houses buyers to get the loan. All Fannie Mae activities can be described as 3 fields: single family and housing development, functioning on capital market. Furthermore Fannie Mae is operating on the territory of all the United States, everywhere from one coast to another.

But all Fannie Mae fields mentioned above have a common target, because the Fannie Mae main intention is to establish the affordable interest rates on mortgage markets, so it will be available for clients. And surely Fannie Mae strives for obtaining higher profit working with its REO.

Use this website to search thousands of Fannie Mae foreclosed homes including a lot of other bank foreclosure properties and government foreclosures

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Post foreclosures (REO)

REO property or real estate owned property belongs to banks. How does it happen that banks own a real estate? Well, it is easy to understand: bank gives a loan, so mortgage appears, if client cant pay his dept and if there are no ways to avoid foreclosure, the home becomes the property of financial organization. It may seem that foreclosures can’t bring high profits as bank want to sell it offering the price which will at least cover the amount of the first loan. On the other hand, if you will be more attentive, you will see some ways to benefit greatly from buying a foreclosure house.

It may be the situation, when more then one loan is secured to the real estate; actually it happens quite often nowadays. In case second lender doesn’t make payments to the first lender and starts own foreclosure procedure, in this case the second lender is not part of foreclosure process any more. That is the main reason why plenty of second mortgages are valued around 20% less then the normal market price.

Bank doesn’t benefit from being an owner of a house; it needs money to flow constantly to get higher net profit. More over keeping a foreclosure as an asset may cause additional expenses. That is why bank wants to sell this burden as soon as possible, and it is likely to accept even not high price, just to cover the dept.

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