Fannie, Freddie Kick Off Foreclosure Purchase Program

Law360, New York (February 01, 2012, 1:36 PM ET) -- Mortgage giants Fannie Mae and Freddie Mac on Wednesday launched the first phase of a program that allows investors to buy pools of foreclosed properties and convert them into rental units in an effort to revive urban markets suffocated by foreclosures.

During the pilot phase of the Real Estate-Owned Initiative, interested investors can prequalify for the right to bid on properties Fannie and Freddie will put up for sale later in the pilot and subsequent phases of the program, according to the Federal Housing Finance Agency,...
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