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Fannie Mae Launches REO Pilot Program

""Fannie Mae"":http://www.fanniemae.com is testing the waters for a new program that allows real estate agents to submit offers for the company's REO properties on behalf of their clients and track the status of the offers online.

The program is called HomePath Online Offers and is being piloted in Orlando, Florida; San Diego, California; and Detroit, Michigan.
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The new feature is currently available for Fannie Mae-owned homes in these areas through the GSE's ""HomePath Web site"":http://www.homepath.com. HomePath homes are owned by Fannie Mae and include a wide selection of properties, including single-family homes, condominiums, and town houses.

""HomePath Online Offers provides increased transparency and efficiency in the submission process for our real estate partners and prospective buyers,"" said Jim Tiegen, VP of Fannie Mae's REO regional offices. ""This online pilot is a critical step toward ensuring that all buyers have the same experience making offers and purchasing homes.""

Foreclosure problems continue to worsen, and they've left the nation's largest mortgage company with a glut of repossessed homes. As of the end of the third quarter, Fannie Mae's inventory of REO homes stood at 166,787 properties.

Just three months earlier, the GSE's REO supply totaled 129,310 units. Fannie says the carrying value of its REOs during the third quarter of this year was $16.4 billion.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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