FHFA Puts First Foreclosure-To-Rental Homes Up For Sale

Law360, New York (February 27, 2012, 6:55 PM EST) -- The Federal Housing Finance Agency has sold its first home under a pilot program to rent out homes owned by its mortgage-financing arm, Fannie Mae, answering calls from some lawmakers to put its huge inventory of foreclosed houses to better use, it said Monday.

The new foreclosure-to-rental will test the waters in some of the Southern and Sun Belt cities hit hardest by the foreclosure wave, like Phoenix, Atlanta and Las Vegas.

The homes for sale represent a small fraction of the estimated 140,000 homes the...
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