Fannie, Freddie to discount blighted homes in Chicago, Cook County

“Fannie Mae and Freddie Mac are embarking on an ambitious pilot program designed to remove thousands of vacant, foreclosed homes from their books and repair neighborhoods throughout Chicago and suburban Cook County.

The two agencies, which own more foreclosed properties than anyone else, are expected to announce Wednesday they will offer qualified nonprofit groups and their developers an option to buy foreclosures, often at a discount, before the properties are publicly listed for sale. The program will initially include about 3,800 single-family homes, condominiums and two- to four-flats but that number will fluctuate as Fannie and Freddie take possession of properties at the end of the foreclosure process…” Read More