Interesting Facts About The REO Market

By Jean Clements
Marketing Director, Fidelity Phoenix

On Wednesday I attended Coffee with Melissa at the REMAX Professional’s Office where I learned some interesting things about the REO market.

Here are Melissa Shapiro’s highlights from REOMAC


1. Chase is has not evicted tenants from there REO's nationwide in 6 months, This was lifted in 9 states this month. Arizona should be lifted within 30 days.

2. Chase has pulling out of the equator system for managing their REO assets.

3. Freddie Mac's Reo inventory grew 145.7% Percent from 2008(29,346 Units) to 2011(72,093). This is why they had to add Atlas and Greenriver into the mix.

4. Wells Fargo will begin Principal Write downs in Arizona through the Hardest Hit Fund(HHF), Bank of America began doing this last month by sending out over 8,000 letters to eligible borrowers.

5. Rep. Maxine Waters, is pushing a bill that would require the Federal Housing Finance Agency to review how FNMA and Freddie add REO vendors and improve the process to keep it local.

6. REO is truly relationship based first.


If you are interested in Melissa Shapiro, FNT’s director of Sales, to come to your office, please send an email to info-fntarizona@fnf.com