White House Wants to Convert Foreclosed Homes to Rentals
The Obama administration, in conjunction with federal regulators, are very close to announcing a pilot program to sell government owned foreclosures in bulk to investors as rentals. There are roughly a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), and millions more are coming. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, and figure out a way to keep these properties from sitting on the government’s books and empty in the nation’s neighborhoods. Visit cnbc.com for the full article.