Cogsville Group, LLC purchases 94 Fannie Mae properties in Chicago

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Cogsville Group, LLC purchases 94 Fannie Mae properties in Chicago

Cogsville Group, LLC purchases 94 Fannie Mae properties in Chicago

FHFA Announces Winning Investor in
Chicago REO Pilot Initiative

 

Washington, DC – The Federal Housing Finance Agency (FHFA) today announced that The Cogsville Group, LLC has purchased 94 Fannie Mae properties in Chicago as part of a real estate owned (REO) pilot initiative. All properties were sold near or above market value.
Click here for additional details about the transaction.

FHFA launched the REO pilot transaction in late February. Investors were qualified to bid
through a rigorous evaluation process based on several factors, including financial strength,
asset management experience, property management expertise and experience in the
geographic area. Bids were then solicited from qualified investors on approximately 2,500
single-family Fannie Mae foreclosed properties in areas hardest-hit by the housing downturn.
Fannie Mae will continue to offer for sale pools of properties in markets across the United
States that have a strong demand for rental housing and a substantial supply of REO
properties. Interested investors can continue to prequalify for future real estate owned
transactions.

The REO Initiative was developed in conjunction with the U.S. Department of the Treasury,
U.S. Department of Housing and Urban Development, Federal Deposit Insurance Corporation,
the Federal Reserve System, Fannie Mae and Freddie Mac. The initiative began with a Request
For Information that brought more than 4,000 responses about how to sell the REO properties
of Fannie Mae, Freddie Mac and the Federal Housing Administration.

FHFA recently announced that Pacifica Companies, LLC had purchased 699 Fannie Mae
properties in Florida as part of this initiative targeted to hardest-hit metropolitan areas —
Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida. FHFA also announced
the Atlanta properties were not awarded but would be evaluated for future transactions.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

source: http://www.fhfa.gov/webfiles/24561/REOInvestorsChicago100212.pdf

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One Response to “Cogsville Group, LLC purchases 94 Fannie Mae properties in Chicago”

  1. Sarah says:

    Yes, the FHFA has a clear idea of where and who was hardest hit. But let’s not cry over spilled milk (fraud, criminal activity, protection of alleged criminal activity) let’s make some money!

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