Last week Fannie Mae and Freddie Mac told real estate agents to resume selling their foreclosed homes, after suspending sales as the robo-signing scandal became public.
Freddie Mac told its real estate agents to "resume all normal sales activity," as the government-sponsored enterprise will "resume marketing, sales and disposing of assets previously placed on hold.'"
Fannie Mae told its real estate agents "to proceed with scheduling and holding the closings" of sales for its foreclosed properties.
The GSEs and many other lenders enacted a moratorium on foreclosed properties sales as servicers were allegedly signing affidavits either without knowledge of the case or without a notary present. This shameful practice became known as robo-signing.
Other lenders that issued foreclosure sale moratoriums have since been lifted them as well.
Although the return of distressed property to the market may cause downward pressure on housing prices in many areas of the country, in others such as Greater Boston, this will help relieve the current shortage of listings on the market.
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