The Federal Housing Finance Agency has failed to implement its initiative to dispose of GSE and government-held real estate-owned properties in an “open and transparent manner” in the Golden State, according to the California Association of Realtors. Two weeks ago CAR renewed its vocal opposition to the FHFA’s implementation of an REO bulk sales pilot initiative in California, accusing the Finance Agency of advancing the program in a “highly secretive manner” despite the “negative economic impact” the trade group says it will have on the state’s housing market.