Mortgage giant Fannie Mae sent a memo to brokers late last night letting them know it’s OK to restart some sales of foreclosed properties.
While lockouts and evictions are still on hold for foreclosures serviced by GMAC, Bank of America, JP Morgan Chase, One West Bank and Sovereign Bank, brokers were told to proceed with scheduling and holding closings of Fannie Mae owned properties.
It was unclear Thursday whether Fannie Mae has reviewed all of its REOs and decided there were no fraudulent documents filed in the foreclosure cases. Surely that would have been tens of thousands of cases, at least, that would have had to be reviewed. Also, Fannie was one of David J. Stern’s largest clients. It removed its foreclosures from the firm’s care earlier this month and put them on hold. Also unknown Thursday was whether cases handled by Stern are back on the market.
Read the report in full here…
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