Fannie Mae will retain an “equity interest” in the nearly 700 real estate owned properties the government-sponsored enterprise has sold off to be managed as rentals as part of the pilot program to move GSE-held foreclosures off the books. The Federal Housing Finance Agency this week announced the first winning bidder in its REO pilot initiative. San Diego-based Pacifica Companies LLC paid $12.3 million for a share in a joint-venture with Fannie for 699 properties in Florida, resulting in an estimated transaction valuation to Fannie of $78.1 million or 95.8 percent of the properties’ estimated value, according to the transaction summary. “Fannie Mae sold...