I just read this article today regarding Freddie & Fannie. I’m not sure how accurate it is, but it does make you wonder exactly how much does it cost Freddie and Fannie to maintain all the properties they own:
The outsides are weeded and the insides are scrubbed. Stolen appliances are replaced, brackish pools are refilled. And until the properties are sold, they must be maintained. Fannie asks contractors to mow lawns twice a month during the summer, and pays them $80 each time. That’s a monthly grass bill of more than $10 million. All told, the companies spent more than $1 billion on upkeep last year.
