GSEs to Begin Accepting HAFA Short Sales

Fannie Mae and Freddie Mac both issued new guidelines to servicers Tuesday, which allow homeowners with GSE loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the government’s foreclosure prevention program. When the Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program rolled out in early April, officials explained that the GSEs’ loans were not eligible – an interesting omission considering Fannie and Freddie are operating under full government control and have been positioned as the support columns of the administration’s response to the housing crisis.

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