FORECLOSURE REHABILITATION PROJECTS - FANNIE MAE AND FREDDIE MAC - TEXAS AND CALIFORNIA
In the wake of the economic recession, foreclosures are a reality in the mortgage lending business. Mortgage insurers, Fannie Mae and Freddie Mac, are often left with the responsibility of maintaining and reselling foreclosed properties across the country. These scattered sites represent a challenge for the mortgage insurers to manage and they needed a contractor with both construction and program management capability.
Fannie Mae and Freddie Mac contracted with JWTC to provide on-call rehabilitation services for houses that had been foreclosed and vacated. The program was designed to protect Fannie Mae’s and Freddie Mac’s investment by quickly assessing the property, conducting initial weatherization measures, and rehabilitation of the structure in preparation for reselling.
With a program value of over $144MM, JWTC designed and implemented a construction rehabilitation program for scattered sites in Texas and California. The process included the development of a program management process to effectively operate numerous “construction strike teams” to provide customer service and quick turnaround renovation construction for clients. JWTC operated and managed over 20 construction strike teams across 21 counties providing both minor and major repairs. The program had over 7,200 houses renovated by JWTC with an average construction time per house of 14 days.
The overall project required specialized preparations to make the structures ready for resale. The process included staging, assessments, scheduling, materials acquisition, construction execution, and redeployment. The project scope varied among the structures but was largely exterior maintenance and repair items for security and weatherization like roofing, windows, doors, and carpentry, coupled with interior repairs including drywall, flooring, painting, plumbing, cabinets, and fixtures.
LOCATION:
Texas and California
CLIENT:
Fannie Mae and Freddie Mac
PROJECT DURATION:
2000-2008
