Fannie Mae announced this week that it would extend its 3.5% seller assistance on its REO properties (foreclosures) to June 30, 2010. It was originally supposed to expire May 1. "We are happy with the results of the program, which has helped us to sell properties quickly, thereby stabilizing neighborhoods and property values," said Terry Edwards, Executive Vice President of Credit Portfolio Management. This program gives buyers back 3.5% of the final sales price to be used toward closing cost assistance or their choice of selected appliances. No surprise that with the home buyer tax credit expiring and foreclosures rising, Fannie would choose to extend a program that's working like this. Of course, remember, Fannie Mae (along with Freddie Mac) is under government conservatorship and is being fueled by billions of taxpayer dollars, so this program is nothing short of another government housing bailout.