Foreclosure story updated with recent commentary from Goldman Sachs.
NEW YORK (
TheStreet) -- The Obama Administration is close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals,
The Federal Reserve, Treasury, HUD, Fannie Mae (FNMA) and Freddie Mac (FMCC) are working out details of the plan, including what the pricing for such a sale would be, the government's role in the plan and identifying those with the operational experience to manage such properties, according to the report.
The policy aims at reducing the foreclosure supply in the market, which has been depressing housing prices, while capitalizing on increasing demand for rental homes.Banks repossessed fewer homes in 2011, but much of the slowdown was because of foreclosure processing delays. The recent spike in "default filings" points to a
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