FHFA Will Allow Foreclosed Homeowners to Repurchase Their Homes Through Programs Like BCC's SUN Initiative
Last week, the Federal Housing Finance Agency announcedthat it will allow Fannie Mae and Freddie Mac to sell foreclosed properties back to their owners at fair-market values. Boston Community Capital has long advocated for such a step, which will allow the Stabilizing Urban Neighborhoods (SUN) Initiative to assist homeowners whose mortgages are held by Fannie Mae and Freddie Mac to repurchase their homes after foreclosure with a mortgage that they can afford.
"Today's move by the FHFA is an encouraging step in the right direction. It makes sense for homeowners and it makes sense for neighborhoods," said Elyse Cherry, CEO of BCC. "In our experience at Boston Community Capital, permitting sales at fair-market value is a just and sound strategy for helping the many underwater homeowners still seeking relief. We will continue to monitor FHFA's commitment to this policy.