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PROVIDING
OPPORTUNITIES FOR
HOMEOWNERSHIP
Fannie Mae's REO repair strategy focuses on innovative solutions to help
support repair and upkeep of properties.
A booming housing market, stronger underwriting standards, and
more effective foreclosure prevention practices have reduced home
foreclosure volume in recent years, but when they do happen, Fannie
Mae's work is far from over.
In fact, to help save precious affordable
housing stock, Fannie Mae is doubling down
on its innovative efforts to repair and preserve
foreclosed single-family homes and put them
back in the hands of owner-occupants, and
in many cases, into the hands of first-time
homebuyers.
To ensure that a property attracts owner-
occupant buyers, we renovate a home by making
a wide range of repairs. Cosmetic repairs involve
more visual items like fresh paint, new flooring,
and upgraded appliances. Some homes need
more extensive repairs, such as plumbing,
electrical, heating ventilation and air conditioning
(HVAC), or other mechanical system updates.
When required, we address environmental
or health issues, such as lead-based paint,
discoloration, and water supply upgrades.
We also believe lower energy costs and
quality repairs will help reduce borrower
expenses associated with owning a home and
support sustainable homeownership. at
is why we make "green" repairs that involve
the installation of low-flow water efficient
plumbing fixtures, energy-efficient appliances,
programable thermostats, and LED lighting.
Many of you understand the complexity
of undertaking home repairs. Just think about
this in the context of your own home. It can be
overwhelming to say the least. So, imagine this
process applied to an entire group of homes
spanning the continental United States and its
territories.
Even though our real estate-owned (REO)
inventory is a fraction of what it was in the
years immediately after the financial crisis over
a decade ago, repairing as many properties
as we do presents challenges that require
innovative solutions. at is why we have
streamlined our repair process to ensure repairs
Quick Take By: Jacob Williamson
