Fannie Mae
Fannie Mae owns or guarantees a significant portion of the United States mortgage market. Between Fannie Mae and their sister company Freddie Mac, it is estimated they hold approximately half of the U.S. mortgage market. Fannie Mae does not market their foreclosed homes directly, all of their foreclosures will eventually be listed and marketed by a real estate agent.
The Federal National Mortgage Association was established in 1938 with the goal of increasing the amount of funding available for home loan mortgages. This was accomplished by purchasing loans from the loan originators allowing them to originate new loans. Fannie Mae was converted to a private corporation in 1968, although loans guaranteed by Fannie Mae retained an implicit U.S. Government guarantee. In 2008, Fannie Mae was placed in the conservatorship of the Federal Housing Finance Agency after the U.S. mortgage market meltdown.
Typically, when a property is listed by Fannie Mae, the first 15 days are limited to offers from owner occupants. This is an attempt to stabilize neighborhoods and neighborhood values by increasing the percentage of owner occupants in a given area. For your convenience, the search box higher up this page allows you to search all foreclosure and pre-foreclosure properties including Fannie Mae and Freddie Mac, if you are only interested in Fannie Mae foreclosure listings, the link below will take you to HomePath, which is the Fannie Mae foreclosed property site.
