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Fannie's REO Program Ensnared in GSE Debate.(real estate owned)
Washington -- The Department of Housing and Urban Development is clamping down on Fannie Mae's activities and it has ordered the government-sponsored enterprise to stop its third-party REO (real estate owned) management and sales activities.
"Yesterday, HUD ordered Fannie Mae to cease and desist its third-party REO management and servicing activities," HUD secretary Alphonso Jackson told the Senate Banking Committee on April 7.
The secretary explained that providing REO services to other companies is "inconsistent" with Fannie Mae's charter.
HUD's action is considered "symbolic" because Fannie largely gave up its ambitions to compete for REO management business several years ago following complaints from real estate agents.
HUD first learned about Fannie providing REO management services to other companies from the Office of Federal Housing Enterprise Oversight, which has been conducting a special examination of the troubled GSE's accounting practices.
HUD responded by asking the Fannie to provide additional information about its REO activities and report back by April 27, according to HUD assistant secretary John Weicher.
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Source: HighBeam Research, Fannie's REO Program Ensnared in GSE Debate.(real estate owned)