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Freddie Mac REO UpdateFreddie Mac REO Update
The U.S. Conference of MayorsThe U.S. Conference of Mayors7878thth Annual Meeting Annual Meeting
Eric WillEric WillSr. REO Sales DirectorFreddie Mac / REO (HomeSteps)
June 11, 2010
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HomeSteps is a branded programcreated by Freddie Mac to market its REO
assets, while reducing the negative stigma of foreclosed homes.
Our BrandOur Brand
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Our MissionOur Mission
To effectively manage Freddie Mac’scredit losses on its REO in a way that
benefits communities and provides affordable housing opportunities.
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Our MissionOur Mission
Credit LossesCommunity Stabilization
Home Ownership
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60,000 Homes Nationwide60,000 Homes Nationwide
85% Urban / MSA85% Urban / MSA
15% Rural15% Rural
Our PortfolioOur Portfolio
Investor29%
Owner Occupant71%
2009 Sales2009 Sales
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Good Neighbor PracticesGood Neighbor Practices
Properly secure and maintain homes
Bring homes to FHA standards whenever possible
Use well-trained, licensed, and experienced vendors
Price homes at fair market value
Deploy Regional Area Managers in high volume areas
Perform regular inspections to ensure properties are properly being maintained
Establish Preservation & Maintenance programs in volume markets
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Disposition StrategiesDisposition Strategies
Listing in MLS via experienced listing brokers
www.homesteps.com
Repair Strategies
Develop incentives for owner occupants and real estate agents
(i.e. buyers closing costs, home warranties, advance HOA payments, commission bonuses, etc.)
Auctions & Bulk Sales (Used as a last resort. Very small percentage of homes sold via this channel.)
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Community StabilizationCommunity Stabilization
National Community Stabilization Trust “First Look”
NSP Down Payment Assistance Programs
NSP / Affordable / Owner Occupant Auctions (Las Vegas, Inland Empire, Phoenix)
REO Rental Program
Home Buyer Education (Believing In A Place Called Home)
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Community PartnershipCommunity Partnership
Build strong relationships with individual cities (e.g. City of Chicago)
Ensure vacant property registration
Participate In joint affordable initiatives with cities and non-profits
Partner with government, industry, and real estate organizations on REO issues
(OCC, NCST, NAREB, NAHREP, AREAA, REOMAC, NAR, NFHA, etc.)
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