Thursday, October 4, 2012

Galante: FHA will not participate in REO-to-rental via HousingWire

Acting Federal Housing Administration commissioner Carol Galante told a crowd of mortgage professionals her institution will not initiate an REO-to-rental program similar to Fannie Mae.

The Federal Housing Finance Agency recently completed many sales of REO and is now announcing winning bidders. HousingWire had that information more than one month ago.

"Looking at an REO-to-rental strategy, and while a rental strategy is very important, we decided it wasn't the best solution for the FHA, servicers, borrowers and their communities," Galante told the crowd at the HousingWire REperform conference underway in Dallas, Texas.

Read more...HousingWire | Galante: FHA will not participate in REO-to-rental

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