Already heir to the 6,350-property Blight Bundle, the Detroit Land Bank just made a deal to grab 44 foreclosed properties from mortgage giant Fannie Mae. To erase any confusion with other bundled packages of real estate, we'll henceforth be referring to these properties as the Fannie Pack.
Here's the deal: the Fannie Pack will be transferred to the Detroit Land Bank in exchange for a "nominal" fee. As a sweetener, Fannie Mae will also cover expenses to demolish 18 of the properties. The remaining 26 (presumably salvageable) houses will be auctioned off through BuildingDetroit.org.
What it Means: Like an actual fanny pack, Fannie Pack is more symbolic than useful. The announcement didn't bother mentioning where in Detroit the homes are located. It does, however, conclude by mentioning that a similar agreement in Cleveland has transferred "nearly 1,000 properties back to productive use." Why Don't We Own This counts over 1,300 Detroit properties with Fannie Mae as the registered owner. Perhaps this isn't the first Fannie Pack destined for the Detroit Land Bank.
· Press Release [Official]