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.
