Fannie Mae, Freddie Mac give consumers an edge in foreclosure sales

Fannie Mae, Freddie Mac give consumers an edge in foreclosure sales

The Federal Housing Finance Agency on Wednesday increased the number of days it locks investors out of foreclosure property bidding in order to give others more time to get a first crack at buying homes.

Owner-occupants, nonprofits and public entities now have 30 days to exclusively bid for real-estate owned properties under Fannie Mae and Freddie Mac’s First Look programs, up from 20 days previously.

The change comes amid a broader push by the Biden administration to boost affordable housing in a market where high home prices have made it increasingly difficult for consumers to compete, investor sales have risen to unprecedented levels and pandemic-related foreclosure constraints are being lifted.

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