Fannie Mae To Open Satellite Offices To Liquidate Bank-Owned Properties

Reminiscent of the Resolution Trust Corporation’s approach of the early 1990s when real estate was liquidated for a fraction of its value, mortgage giant Fannie Mae plans to unload thousands of repossessed homes by way of opening offices in South Florida and Southern California to “get the property out the door.”

Fannie Mae intends to open an office in Fort Lauderdale, Fla., in August, and a sister office in Irvine, Calif., in September.

The satellite offices are designed to streamline Fannie Mae’s efforts to unload bank-owned properties known as Real Estate Owned (REO), reduce defaults, and better manage repossessed properties until the inventory can eventually be liquidated.

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