Skip to comments.FHFA steering toward REO bulk sales
Posted on 10/04/2012 11:43:27 AM PDT by Lorianne
Real estate professionals are accusing the Federal Housing Finance Administration and Fannie Mae of moving in a secretive way to test a bulk-buying house program in the Inland Empire that will squeeze out consumers, shutter viable businesses and harm an already-fragile housing market recovery.
It will change the very face of neighborhoods, some said.
The REO Initiative, calls for the sale of nearly 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Inland area to yet undisclosed institutional investors, California Association of Realtors president LeFrancis Arnold said.
Realtors say theyve been kept in the dark and suspect the program has been designed to attract full-scale, hedge fund investment and will carry the caveat the houses are to be rented for a 3- to 5-year period.
(Excerpt) Read more at pe.com ...
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