Fannie Mae Selling to Investors Backpedals on Homebuyers
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Fannie Mae is selling more of its foreclosed properties to investors as prices rise, limiting homebuyers’ access to cheap housing.
When a Fannie Mae-owned loan defaults, the mortgage company acquires and sells the property. Fannie Mae, one of the largest sources of foreclosed homes on the market, sold 55 percent of its repossessed houses to individuals, non-profits and local governments last year, compared with 57 percent in 2012 and 59 percent two years earlier, according to a regulatory document.