Fannie Mae begins bulk foreclosure sales

Fannie Mae is beginning its program to sell the foreclosed homes on its books to investors who will turn them into rental properties.

The pilot program will be available for about 2,500 properties in Los Angeles, parts of Florida, Phoenix, Las Vegas, and Chicago. Most of the properties are single-family homes, but about 500 are condominiums.

The goal is to stabilize home prices and get these properties off the taxpayer’s books and back into the private sector.

Read more from the Wall Street Journal.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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