Fannie Mae will no longer allow use of plywood for securing its vacant properties
Nation: Plywood has been declared no longer viable for use in securing vacant properties, as announced Nov. 4 by Fannie Mae at the National Property Preservation Conference in Baltimore, MD.
As of Nov. 9, all Fannie Mae REO vacant properties or Fannie Mae vacant properties in pre- or post-foreclosure must be secured by a plywood alternative.
One such method currently in use for plywood alternatives in some areas of Fannie Mae homes is clear polycarbonate boarding.
Part of the reasoning behind the polycarbonate boards that they are more resistant to potential damage from weather, more difficult for vandals to attempt to break through, and decrease eye-sore potential often brought on by plywood boarding of homes in communities; noting though, that polycarbonate boarding is more expensive than plywood.
The change in policy will have a 90-day window for vendors working with Fannie Mae to come into compliance for securing of properties in the future.
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