Fannie Mae is testing the short-sale waters with a new pilot program launched in December. Initiated in Orlando, Fla., and Phoenix, Fannie Mae's program involves pre-approving listing prices for short sales prior to finding buyers in the hope of expediting the short-sale process, the Wall Street Journal reports.
The government-sponsored enterprise's program is limited to Countrywide-serviced loans in the two pilot areas, and an estimated 400 homes in the two markets qualify for inclusion. Fannie Mae will evaluate the program upon its expected expiration in March, deciding whether or not to broaden it.
SOURCE: Wall Street Journal