Dallas-Fort Worth Real Estate Investor Club

Fannie Mae accepting investor plans for REO pilot

  • 27 Feb 2012 3:49 PM
    Message # 837425
    Deleted user

    Feb 27 (Reuters) - A federal regulator for mortgage finance giants Fannie Mae and Freddie Mac said on Monday that applications are now being accepted from pre-qualified private investors looking to snap up foreclosed federal properties and offer them as rentals.

    Government-run Fannie Mae will invite investors to apply in the first pilot bulk sale of some of the foreclosed homes on its books, the Federal Housing Finance Agency said in a press release. The investores will need to provide the mortgage lender with "specific plans" for purchasing pools of Fannie Mae foreclosed properties in some of the hardest-hit metropolitan areas - Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and parts of Florida.

    The plan is part of President Barack Obama's broader efforts to shore up the housing market and lessen the pain of foreclosures hitting the market.

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