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Repossessed homes set for US rental market

Posted on 02 March 2012

Investors will be able to bid for nearly 2,500 repossessed US properties owned by government-controlled mortgage giant Fannie Mae in a pilot programme tailored by the Obama administration to avoid further depressing the housing market.
The housing financier is seeking through the initiative, detailed on Monday by the Federal Housing Finance Agency, Fannie Mae’s regulator, to sell a portion of the roughly 120,000 foreclosed properties it holds on its books to investors. Buyers must agree to rent out the properties to their occupants rather than immediately selling them on the open market………………………………………….Full Article: Source


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