Fannie Mae issues RFP for investors to buy foreclosed housing

New York /
Feb.February 02, 2012 06:00 PM

A U.S. housing regulator has invited investors to submit initial bids on pools of foreclosed properties owned by government mortgage giant Fannie Mae, the Wall Street Journal reported, with an aim of turning the properties into rental buildings to stabilize the housing market.

The program, which effects about $250 million worth of real estate in six states, is limited to properties that Fannie Mae has already leased through a separate program, the Journal noted. Fannie was chosen to operate the program because it has a more significant foreclosure inventory compared with Freddie Mac.

The idea of renting out foreclosed homes is not new.

“We’re working to turn more foreclosed homes into rental housing, because as we know and a lot of families know, that empty house or ‘for sale’ sign down the block can bring down the price of homes across the neighborhood,” said President Barack Obama yesterday.

Obama also wants to make it easier for underwater homeowners to refinance their mortgages with low-interest, he said. [WSJ]


Related Articles

arrow_forward_ios
Deconstruct Podcast
Deconstructing the single-family rental: New podcast episode out now
Deconstructing the single-family rental: New podcast episode out now
Comptroller Scott Stringer (Getty)
City landlords’ tax delinquencies approach Great Recession levels
City landlords’ tax delinquencies approach Great Recession levels
David Bitton, CMO and co-founder of DoorLoop and Ori Tamuz, CEO and co-founder of DoorLoop (Bitton, DoorLoop, Getty)
Startup DoorLoop to take on goliaths in rental management software
Startup DoorLoop to take on goliaths in rental management software
New York’s rent relief fund may run dry Monday
New York’s rent relief fund may run dry Monday
New York’s rent relief fund may run dry Monday
FHFA director Sandra Thompson (FHFA, iStock)
Treasury suspends investment property restrictions to boost housing supply
Treasury suspends investment property restrictions to boost housing supply
The Kalikow Group President & CEO Edward Kalikow with the complex (Kalikow, Kaled)
In hot rental market, LI developer sells another South Carolina complex
In hot rental market, LI developer sells another South Carolina complex
The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
Westchester office park owned by George Comfort & Sons slated for auction
Westchester office park owned by George Comfort & Sons slated for auction
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
Wells Fargo hit with $400M suit for breach of contract linked to robo-signing scandal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...