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FHFA steering toward REO bulk sales
Press-Enterprise ^ | 22 August 2012 | Debra Gruszecki

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 they’ve 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 ...


TOPICS: Business/Economy; Government; US: California
KEYWORDS:

1 posted on 10/04/2012 11:43:28 AM PDT by Lorianne
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To: Lorianne
I don't like the idea of selling off the property without open bidding. On the other hand I don't feel the slightest bit sorry for the real estate agents not getting "their" 6% of the take.
2 posted on 10/04/2012 11:56:00 AM PDT by KarlInOhio ("Government is the only thing that we all belong to"=implicit repeal of the 13th amendment for all.)
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To: KarlInOhio
Upon reading the article it looks like there was some auction. I just don't know how open it was and how big of blocks the properties were sold in.
3 posted on 10/04/2012 12:00:31 PM PDT by KarlInOhio ("Government is the only thing that we all belong to"=implicit repeal of the 13th amendment for all.)
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To: Lorianne
http://www.freerepublic.com/focus/f-news/2940222/posts

http://www.freerepublic.com/focus/f-news/2940213/posts

4 posted on 10/04/2012 12:23:13 PM PDT by fella ("As it was before Noah, so shall it be again,)
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