Freddie Mac REO Update The U.S. Conference of Mayors 78 th Annual Meeting Eric Will Sr. REO Sales Director Freddie Mac / REO (HomeSteps) June 11, 2010.

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Presentation transcript:

Freddie Mac REO Update The U.S. Conference of Mayors 78 th Annual Meeting Eric Will Sr. REO Sales Director Freddie Mac / REO (HomeSteps) June 11, 2010

© Freddie Mac Freddie Mac REO Update 2 HomeSteps is a branded program created by Freddie Mac to market its REO assets, while reducing the negative stigma of foreclosed homes. Our Brand

© Freddie Mac Freddie Mac REO Update 3 Our Mission To effectively manage Freddie Mac’s credit losses on its REO in a way that benefits communities and provides affordable housing opportunities.

© Freddie Mac Freddie Mac REO Update 4 Our Mission Credit Losses Community Stabilization Home Ownership

© Freddie Mac Freddie Mac REO Update 5 60,000 Homes Nationwide 85% Urban / MSA 15% Rural Our Portfolio 2009 Sales

© Freddie Mac Freddie Mac REO Update 6 Good 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

© Freddie Mac Freddie Mac REO Update 7 Disposition Strategies Listing in MLS via experienced listing brokers 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.)

© Freddie Mac Freddie Mac REO Update 8 Community 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)

© Freddie Mac Freddie Mac REO Update 9 Community 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.)