Fannie Mae foreclosures are properties that the mortgage agency seized from homeowners who defaulted on their payments, explains HUDForeclosed.com. The Federal National Mortgage Association, known as Fannie Mae, is not a direct lender; however, the agency does purchase mortgage loans from direct lenders.
As of 2015, Fannie Mae owns over half of all mortgage loans in the United States, according to HUDForeclosed.com. Since Fannie Mae purchases mortgage loans from direct lenders, the agency holds the rights to the loans and the properties backing the loans. Therefore, when borrowers default on their mortgage payments, Fannie Mae holds the rights to foreclose on the properties.
Fannie Mae’s primary purpose is to promote homeownership and make
As of 2015, Fannie Mae owns over half of all mortgage loans in the United States, according to HUDForeclosed.com. Since Fannie Mae purchases mortgage loans from direct lenders, the agency holds the rights to the loans and the properties backing the loans. Therefore, when borrowers default on their mortgage payments, Fannie Mae holds the rights to foreclose on the properties.
Fannie Mae’s primary purpose is to promote homeownership and make