FHFA launches pilot REO property sales

By Justin T. Hilley

February 27, 2012

The Federal Housing Finance Agency announced Monday the first pilot transaction under the Real Estate-Owned Initiative, whereby the government will take bids on government-sponsored enterprise REO.

The agency will take bids on nearly 2,500 properties in Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix and Florida.

Prequalified investors can submit applications to demonstrate their financial capacity, experience and specific plans for purchasing pools of Fannie Mae-foreclosed properties. Investors must rent out the purchased properties for a specified number of years.

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