Feds seek ideas on renting government-owned foreclosed homes
Los Angeles Times
Federal officials are seeking ideas from investors and others about how to rent some of the nearly 250,000 foreclosed homes owned by government-backed entities such as Fannie Mae.
Officials from the Obama administration and the Federal Housing Finance Agency, which oversees seized housing-finance giants Fannie Mae and Freddie Mac, said they hoped for innovative solutions to addressing part of the severe oversupply of single-family homes.
One idea could be to create pools of foreclosed properties that would be sold in bulk to private investors, who would then rent them out, helping reduce taxpayer losses on the bailouts of Fannie and Freddie. Another idea could be for investors to buy homes and then rent them on a rent-to-own basis.
Action on the issue might take a while. HUD and the FHFA announced a "request for information" that is open to all interested parties. Those comments are due by Sept. 15.