The Federal Housing Finance Administration (FHFA) is moving forward with a REO bulk sales plan in a highly secretive manner, and not without intense opposition from Ventura County, California congressional members. This plan in Ventura County will have a negative economic impact to the state’s housing market and cost to taxpayers.
The REO bulk sales plan will cause nearly 500 Fannie Mae-owned foreclosed homes in the Ventura County area to be sold to undisclosed institutional investors.
“We are disappointed that Fannie Mae and the FHFA fail to understand that this initiative will harm the communities in which it will be implemented and are going forward with this ill-conceived plan,” said C.A.R. President LeFrancis Arnold. “Moreover, not only are Fannie Mae and FHFA moving forward with the plan, they are refusing to disclose any details, such as property locations, final property count, sales price, or names of winning bidders,” said Arnold.
Since FHFA’s is not openly presenting the plan in Ventura County, C.A.R. is filing a request for details through the Freedom of Information Act.
The FHFA announced earlier in the summer that winning bidders in the Ventura County foreclosure auction had been chosen, and we can expect transactions to close in the third quarter.
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