Fannie Mae REOs returning to market

Back in September, Fannie Mae responded to “Foreclosure-gate” by halting evictions and closings on all bank-owned properties whose loans were serviced by GMAC, Bank of America, PNC Mortgage, JP Morgan Chase, One West Bank, and Sovereign Bank.

According to a memo from Fannie Mae, those properties will start moving back into active, available-to-market status this week, meaning REO specialists (like our friend and client Frank DeNovi) can proceed with the marketing and closing of these homes.