Feb 28, 2012
Fannie Mae begins bulk foreclosure sales
28 Feb 2012
Posted by Andrew Kantor
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.