Via Reuters.com: Released in news today, the Obama administration is currently figuring out how to encourage private companies and investors to buy foreclosed properties held by the government. Due to the increasing amount of foreclosures in the U.S., officials want private entities to take over as much as $30 billion in single-family properties that are currently on the books of government-run Fannie Mae, Freddie Mac and the Federal Housing Administration and could be a huge relief for these institutions.
According to sources, several money managers with large fixed income funds are interested and a recent request for ideas on how to construct a program received nearly 4,000 responses. A glut of foreclosures has been heavy on home prices and the overall economy. An effort to get some of that inventory off the market could help stabilize it, while providing affordable rental options to Americans unable to obtain a mortgage.
No comments:
Post a Comment