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On November 25th, 2014, FHFA Director Mel Watt announced that he would be directing the GSEs to alter REO policies that would allow all qualified buyers to purchase current Fannie Mae or Freddie Mac REO inventory at market value. The change will allow previous homeowners who have been through foreclosure to purchase their home back at current market value, if available. In addition, the change will also allow third-party purchasers to purchase the property on the previous homeowners' behalf. Current financing rules still require a borrower who has been through foreclosure to wait 3 years before becoming eligible for a GSE conventional loan.
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