Freddie Mac hires two REO servicers to help handle rising inventory
Freddie Mac is contracting with Green River Capital and Atlas REO Services to help the government-sponsored enterprise handle real estate-owned properties through its HomeSteps division. Green River and Atlas join current contractor Vendor Resource Management in handling Freddie REO. HomeSteps is Freddie Mac's real estate sales unit, which acquires distressed properties and resells them to homeowners and investors. The partnership is designed to manage expected increases in REO inventory, Freddie Mac said. At the end of February, the GSE said,the level of its REO properties grew 145.7% in just two years. In 2008, REO inventory was 29,346 compared to 72,093 homes in 2010. The two independent REO servicing firms will provide sales and disposition support to HomeSteps. Freddie Mac said in a statement that the new contracts are similar to the agreement between HomeSteps and VRM, in place since 2006. "Green River Capital and Atlas REO Services have the experience and capacity to enhance HomeSteps' capacity to compete and excel in today's housing market," said Chris Bowden, vice president of HomeSteps. "Their selection underscores our emphasis to work with proven real estate professionals who support our commitment to stabilize communities and be responsible stewards of taxpayer resources." Green River Capital CEO Christopher West said he is both honored and excited to have the opportunity to work with Freddie Mac on this endeavor and aid the housing industry's recovery. Gregg Buckley, CEO of Atlas REO, concurred. Green River Capital, based outside Salt Lake City, is an REO asset management and loss mitigation provider. The company provides REO asset management, portfolio valuation/due diligence, and a short sale program. San Diego-based Atlas REO Services is a full service REO management and disposition firm. The company also has offices in Denver and Dallas. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.