Fannie Mae-No Politics (FNMA)

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U.S. regulator unveils policy to help people get foreclosed homes back
WASHINGTON | Tue Nov 25, 2014 1:22pm EST
WASHINGTON, Nov 25 (Reuters) - Americans who lost their homes to foreclosure will be able to buy them back at current market value if the properties are owned by housing finance giants Fannie Mae and Freddie Mac, the two firms' regulator said on Tuesday.

Previously, the Federal Housing Finance Agency required the two firms to demand former homeowners pay the entire amount owed on the mortgage.

"This is a targeted, but important policy change that should help reduce property vacancies and stabilize home values and neighborhoods," FHFA Director Mel Watt said in a statement.

The FHFA said the new rule applies to about 121,000 properties currently owned by Fannie Mae and Freddie Mac.

For more information on the policy change, please click here: http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Directs-Fannie-Mae-and-Freddie-Mac-to-Change-Requirements-Relating-to-Sales-of-Existing-REO.aspx

http://mobile.reuters.com/article/idUSL2N0TF1L320141125?irpc=932