Congressman Miller Questions Fed Chairman on Fannie Mae Property Bulk Sale

Washington, DC – July 23, 2012 – (RealEstateRama) — Click here for entire Capitol Connection Newsletter  During Federal Reserve Chairman Ben Bernanke’s appearance before the House Financial Services Committee on Wednesday, Congressman Miller expressed his serious concerns about the Federal Housing Finance Agency’s (FHFA) pilot program to sell Fannie Mae-owned foreclosed properties in California in bulk. Despite the dwindling housing inventory in Southern California and rising home prices, the FHFA has moved forward with the bulk sale, which will sell foreclosed homes in California at a reduced price to large institutions on Wall Street. Seventy percent of the properties in the bulk sale were never individually marketed, which means that local homebuyers were not offered the low price Wall Street is getting for these homes. Since these properties are owned by Fannie Mae, the lower sale price will come at a loss to taxpayers. Congressman Miller is outraged that the FHFA has moved forward with the bulk sale, and recently introduced legislation to prohibit the FHFA from completing the sale. He has requested that the Financial Services Committee schedule consideration of this legislation as soon as possible. He will continue to work in Congress to stop this misguided sale from harming California’s housing market just as it is starting to recover.