Mark my words this is yet another DISASTER waiting to happen. Taxpayers will be on the hook for this … wait and see if this plays out.
Anything to slow the process down to see what profits can be diverted to the mega rich! After all Fannie Mae Sells Homes For $200 To Investors, Driving Property Values WAY Down, so who cares anyway.
WSJ-
The Obama administration will announce plans Wednesday to seek investors’ ideas for turning thousands of foreclosed properties owned by government-backed entities into rental homes, according to administration officials.
The move is intended to put a floor under declining home prices by creating a way to deal with hundreds of thousands of potential foreclosures in coming years.
Mortgage giants Fannie Mae and Freddie Mac sold a record 100,000 homes during the second quarter. Together with the Federal Housing Administration, the entities owned about 250,000 homes at the end of June, or around half of all unsold, repossessed properties. Another 830,000 homes …