Here is some more information about the Federal Housing Finance Agency's new REO Initiative regarding turning REO's into rentals. They are starting off simple with a "pilot phase" that is excepted to include 500 to 1000 homes provided by Fannie Mae. The GSEs have more than one million foreclosure properties in their possession.
The purpose of this pilot phase is to examine:
- Investor interest in various types of assets
- How investors can maximize the participation of experienced local firms and organizations that can provide the types of services and support needed for stabilization in the community
- The types of structures and financing that would improve returns to the sellers as well as the value of the homes
- The process that qualifies these investors and how they participate in sales transactions
There is no indication of a timetable for beginning bulk REO sales yet. The FHFA is hoping that this pilot phase will prove beneficial to investors, homeowners, GSEs and also to the economic status of the housing market and the country as a whole. Their focus is on the nation's hardest-hit areas first. They'd also like to improve REO sales for homeowners and small investors that will enhance the existing retail sales strategies of the GSEs.
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