A program that converts foreclosed properties owned by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp. into rental properties through the sale to approved investors has generated its first transaction.


On Monday, the FHFA announced that Pacifica Companies LLC purchased 699 REOs owned by Fannie. Each of the properties is located in Florida.

The announcement indicated that all properties were sold near or above market value.


The regulator noted that 541 REOs in Atlanta originally included in the planned sales were not awarded. Instead, the Atlanta properties will be evaluated for disposition through Fannie's retail sales operation or through future structured transactions.

We wonder if those Atlanta properties were not "awarded" because to do so might bring the overall price level "near or below market value"...

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