Foreclosure Rental Plan Not A Fit Nationwide, FHFA Says

Law360, New York (May 7, 2012, 3:52 PM EDT) -- A top Federal Housing Finance Agency official on Monday told a congressional panel that a plan allowing investors to buy pools of foreclosed properties to rent them out would only work under very specific circumstances and would not be effective nationwide.

Meg Burns, the senior associate director for the FHFA's Office of Housing and Regulatory Policy, said at a field hearing of the House Financial Services Committee's subcommittee on capital markets and government-sponsored enterprises in Chicago that a pilot Real Estate-Owned Initiative is a highly targeted...
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