On July 3, the Federal Housing Finance Agency (FHFA) announced that it had made selections of bidders in the first pilot program under its REO to Rental initiative.
The pilot made offerings totaling 2,500 Fannie Mae owned homes in eight locations for investors to bid on with the understanding that homes would be maintained for rental for a period of time. Final announcement of the winning bids will be made when transactions are ready to close, expected in the next several weeks.
NAR continues to communicate with FHFA on the need to insure that bids that will undermine local housing market recovery are not accepted. FHFA made that commitment in a February 29 meeting with NAR leaders and has repeated the commitment publicly on several occasions. FHFA is not saying whether winning bids have been accepted in all the local offerings.