Lawmakers Seek To Block FHFA Foreclosure Sell-Off In Calif.

Law360, New York (May 18, 2012, 4:13 PM EDT) -- Several California members of the U.S. House of Representatives proposed a bill Friday to halt the Federal Housing Finance Agency's plan to sell off foreclosed homes in California to investors under a new White House-backed program.

Rep. Gary Miller, R-Calif., introduced bipartisan-backed bill H.R. 5823, which would block the FHFA's pilot Real Estate-Owned Initiative, a plan allowing investors to buy pools of foreclosed properties and rent them out in urban areas that are facing massive foreclosure problems. The proposal comes about a month after Miller and...
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