The first to FAQs on Fannie Mae’s website probably describe it best:
foreclosure; however, sometimes it is unavoidable. When foreclosures occur on
mortgages in which Fannie Mae is the investor, our goal is to sell properties
in a timely manner in order to minimize the impact on the community.
Mae’s HomePath database includes only properties that are owned by
Fannie Mae. There is a wide selection of homes, including single-family
homes, condominiums, and town houses — located in a variety of
neighborhoods. The number, types and the sales prices of the homes that
are offered for sale may vary substantially. Many of these homes are
relatively new; however, older homes are offered in some areas. Some
homes may require repairs.
HomePath’s REO website covers the whole country. When searching for Portland real estate, there are 31 results. The majority are in the east side and the majority of those appear to be clustered down the I-205 corridor. All of the properties are listed with agents. There is a field for the RMLS number but it is blank in every search result.
HomePath has its own lending arm, HomePath Mortgage for the financing of the homes they own. One of the loans is for owner occupied but the other one is for both investors and owner-occupants.
In other Fannie Mae news, they are updating their lending requirements. One of the changes will be allow an investor to have five to ten mortgages. The limit had been dropped to four.