Investors Complete Purchases in First Round of FHFA Distressed Property Sales

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Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) announced today that the Cogsville Group, LLC is the second successful bidder in the agency's owned real estate (REO) pilot initiative . The group has purchased 94 properties held by Fannie Mae in Chicago. According to FHFA all properties were sold near or above market value. On September 10 FHFA revealed the first investor group to purchase through the program was Pacifica Companies, LLC which bought 699 Fannie Mae properties in Florida. At that time FHFA said that 541 properties in Atlanta were not awarded and will be evaluated for disposition through Fannie Mae's retail sales operation or through future structured transactions. Both sales were described as "Modified Cash Flow (2:1)". The Pacific transaction had a third party value of $81.5 million...(read more)

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Source: www.mortgagenewsdaily.com

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