Washington Report

Advocacy Updates from Washington D.C.

Freddie Mac Clarifies Auction Pilot

On Feb. 20, 2014, Freddie Mac Senior Vice President for Single Family Servicing, Tracy Hagen Mooney, sent a letter to NAR President to address member concerns about Freddie Mac's short sale/auction pilot. The letter indicates that Freddie Mac's pilot program is unique from other program in that it does NOT require borrowers to use the auction process should they simply want to sell the property through the short sale process.

NAR worked with a number of state and local association to bring the concerns to Freddie Mac and has worked on the development of FAQs and clarification of the program with the companies.

Freddie Mac's Letter to NAR