Freddie Mac said it has an agreement to buy Cendant Asset Services, a marketer of repossessed homes, from Cendant Corp., a marketing and franchise company.
Cendant Asset Services, Dallas, which operates nationwide, would become part of Home Steps, a Freddie Mac real estate sales unit. Terms of the agreement were not disclosed.
The combined unit, to be called HomeSteps Asset Services, plans to market and sell an estimated 25,000 foreclosed properties per year, Freddie Mac said.
The transaction, announced last week, is expected to close this year.