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Fannie, Freddie affordable housing programs miss target
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Government sponsored enterprises Fannie Mae and Freddie Mac have been on record with their intention to offer owner-occupants first crack at the foreclosed upon homes that their loans back. However, data shows that investors are increasingly taking a bigger cut of the GSE-owned housing pie because of pricing practices that undermine potential buyers.
Bill German, spokesman for Freddie Mac, told Bloomberg that its goal is to sell two-thirds of its repossessed homes to owner-occupants.
“A strong emphasis on selling to owner-occupants is consistent with Freddie Mac’s mission to foster homeownership opportunities and will help stabilize communities and local home prices,” German said.
Fannie Mae also aims to do “a few things to try to market properties to owner-occupants, and the goal is to sell to them as often as we can,” Andrew Wilson, spokesman for Fannie, told Bloomberg.
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