The impact of the foreclosure crisis has led Fannie Mae to the conclusion that it needs to have a presence on the front lines. The company will be opening offices in California and Florida to be close to the areas with large inventories of foreclosed properties.
From the August 8, 2008 Fannie Mae conference call transcript, Daniel Mudd said:
“We're opening on-site offices in two of the more challenging states - Florida and California - with the intention of reducing defaults and managing our REO in those states. Real estate is at some level local it makes sense to be local.”
If you’ve had experience in working with Fannie Mae REO listings (either side of the transaction), please share your stories!