The Smart Team of NOVA® Home Loans

Fannie Mae's Blackstone Deal Provokes Blowback

Posted To: MND NewsWire

It seemed just an aside in the National Association of Realtors press release regarding January existing home sales. NAR President William E. Brown, took a shot at the GSE’s saying first, “Supply and demand imbalances continue to be burdensome in many markets, and now Fannie Mae is supporting a Wall Street firm’s investment in single-family rentals.” Then widening his comment to include Freddie Mac, said, “Instead, the GSEs should lower overly burdensome fees and help qualified borrowers become homeowners.” It turns out there is a little more to the story . Brown was referring to Fannie Mae’s recent decision to back a $1 billion mortgage given to Invitation Homes. The company, a subsidiary of private equity firm Blackstone, purchased an estimated 48,000 foreclosed single family homes subsequent…(read more)

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Source: Mortgage News Daily

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