Some of the reasons these markets are underserved are easy to identify, but not easy to solve. Each of the underserved markets suffers from a lack of affordable housing capital. But why? As a secondary market participant, what can Fannie Mae do to spur the primary market to provide more capital? What other changes would bring capital into the market? Are the necessary stakeholders willing to make needed changes? Will new, innovative products attract investors? How can we make sure that the new financing is safe and sustainable? What has been tried before and worked? What hasn’t, and why not? In other instances, the reasons a market is underserved are hard to identify and analyze due to lack of available data and necessary information. In those cases, much more foundational work is needed before proposing solutions.In all instances, it is clear that no single participant in the housing finance system can turn an underserved market into a well -served market. It will take strong partnerships and a high degree of collaboration among a wide range of stakeholders to make a difference in all three Duty to Serve markets.All of these factors drove the development of our three Duty to Serve Plans. Each Plan is based on the following strategic priorities
Oh my,
Did Fannie miss some communities that are now under-served by them? How did that happen?
After Complaints, Fannie Mae Will Stop Selling Homes to Vision Property
One of the biggest firms in the rent-to-own home business is now on the federal government’s do-not-sell list.
Fannie Mae, the government-controlled mortgage finance giant, said on Tuesday that it had stopped selling properties to the firm, Vision Property Management,
after conducting a review of the firm’s rent-to-own program, which operates in more than a dozen states.
The mortgage finance company will also impose restrictions on future sales of foreclosed homes to firms that engage in abusive forms of seller financing — which includes selling homes on either rent-to-own leases or in long-term installment agreements known as contract for deed.
Government's Fannie Mae will back PE giant Blackstone's rental homes debt
Mortgage giant Fannie Mae is getting into the single-family rental business in a big way.
The government-backed agency said it is going into business with private equity giant and major housing player Blackstone by backing $1 billion in debt. Blackstone's Invitation Homes filed for an initial public offering this week, and the Fannie Mae relationship was disclosed afterward. Blackstone is looking to raise $1.6 billion by selling shares to the public.
Fannie Mae, currently under government conservatorship, will back $1 billion in debt collateralized by rental homes owned by Blackstone.
Fannie Mae Selling to Investors Backpedals on Homebuyers
Fannie Mae is selling more of its foreclosed properties to investors as prices rise,
limiting homebuyers’ access to cheap housing.
https://www.housingwire.com/article...g-more-than-1-billion-in-non-performing-loans
Fannie Mae selling more than $1 billion in non-performing loans
Sale includes two Community Impact Pools located in Florida
February 13, 2018
The Community Impact Pools include
approximately 190 loans totaling $35.68 million in UPB. One of the Community Impact Pools is located in the metro area of Orlando, Florida, while the other one is located in the Tampa, Florida area.
According to Fannie Mae, the terms of its
NPL sales stipulate that the buyer of the non-performing loans is required to pursue loss mitigation options that are sustainable for borrowers.
Fannie Mae also said that
in the event of a foreclosure, the owner of the loan
must market the property to owner-occupants and non-profits exclusively before offering it to investors.
According to Fannie Mae, this sale of non-performing loans is being marketed in collaboration with Bank of America, Merrill Lynch and First Financial Network, which are serving as advisors.
Bids are due on the three larger pools on March 6 and on the Community Impact Pools on March 20, Fannie Mae said.
Ghee,
I wonder how they found under-severed communities.
Still doesn't say anything about lying appraisals.
.
