Fannie, Freddie spent $2 billion on foreclosed properties

11/8/2010 | USA Today

As of the end of September, Fannie Mae and Freddie Mac owned more than 240,000 foreclosed properties, roughly a quarter of all lender-owned homes, according to RealtyTrac. The taxpayer-funded mortgage giants have spent more than $2 billion so far this year on foreclosed homes. The costs include maintenance and cleaning expenses as well as accounting adjustments made to reflect the decreased values of the homes, according to Amy Bonitatibus, a spokeswoman for Fannie Mae.

View Full Article in:

USA Today

Published in Brief: