This is NOT surprising at all.
Having worked with Fannie Mae and their foreclosures for the past year, I have had a unique opportunity to witness firsthand the systemic culture of mismanagement, waste, bureaucracy, inefficiency, and utter disregard for the local real estate market trends.
Let me give you some examples:
Mismanagement:
In any given transaction, very rarely does upper management know what is going on in each of their respective departments. A culture saturated with cronyism which bleeds the organization dry of quality service providers and rewards incompetence and inefficiency.
Waste:
Fannie Mae uses these "Fannie Mae approved" contractors to make any and all repairs on the foreclosures. The contractors are out-of-state companies who will under bid for a property and will end up charging upwards to 75% more than the original bid. There is NO oversight to see to ensure the quality of work and if the project is completed.
Bureaucracy:
In order to make any suggestions or concerns addressed, there is a barrage of middle management to overcome. There is a systemic culture of red-tape, lack of accountability, and inefficiency which permeates throughout the whole organization from the top down.
In other words, the top management in Fannie Mae just DON'T GET IT!
Solution:
We have to urge our representatives in Congress to dissolve Fannie Mae or break it up into smaller, more manageable agencies in order to plug this SINK HOLE of taxpayer's dollars!
Call me at 301-452-4767 with any real estate questions!