In November, Fannie Mae announced that mortgage servicers would be reimbursed for using clear boarding instead of plywood when securing houses that were in pre-foreclosure. That announcement was not retroactive, meaning it only applied to new pre-foreclosures. But that’s not the case anymore, as Fannie Mae announced this week that it is moving away from plywood entirely.
As part of a continuing effort to fight blight and the negative effects that an abandoned house with boarded-up windows can have on a neighborhood, Fannie Mae will allow mortgage servicers to use clear boarding instead of plywood on vacant homes in pre-foreclosure.
When I saw the SecureView product I fell in love with it — I knew it was the answer we needed to help address community blight. I’ve always been against boarding with plywood, but we did it because we had no choice — it was the only thing out there.