Feds Seek Investors Willing to Convert Foreclosures to Rental Properties

August 10, 2012

The Obama Administration, whose effort to keep homeowners from losing their houses to foreclosure has not met its stated goals, is now reportedly turning to investors for ideas about how to reduce the estimated 92,000 foreclosed properties that are currently owned by Fannie Mae, Freddie Mac, and the Federal Housing Administration.

The three government agencies own about half of the country’s foreclosed inventory. The Federal Housing Finance Agency and HUD have issued a “request for information” to solicit proposals about what to do with these properties. The deadline for proposals is Sept. 15.

Several news outlets, including TheWall Street Journal, which broke the story, have reported that the administration is particularly interested in finding investors willing to convert and manage these properties as affordable rental housing. “With half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote… Read more…

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