InfoBytes, July 6, 2012 - A Weekly In-depth review of news & developments in the financial services industry.


Topics In This Issue:

Federal Issues - State Issues - Courts - Firm News - Mortgages - Banking - Consumer Finance - Securities - Insurance - E-Commerce - Privacy/Data Security

Excerpt From Federal Issues:

FHFA Announces REO Pilot Program Developments. On July 3, FHFA announced the selection of the winning bidders in its real estate owned (REO) pilot program, with the initial transactions expected to close in the third quarter of 2012. FHFA launched its REO pilot program in February 2012 and bids from qualified investors were sought during the second quarter of the year for roughly 2,500 single-family foreclosed properties held by Fannie Mae. According to FHFA, investors qualified for the bidding process after a rigorous evaluation, considering factors such as their financial strength, asset management experience, property management expertise, and experience in the geographic area of the available properties. In a February 27 press release announcing its REO pilot sales initiative, FHFA identified the locations of the available properties, including the Chicago and Los Angeles metro areas.

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