Bloomberg Businessweek has reported that Deutsche Bank and Fortress Investment Group have joined the ranks of 493 firm proposals that have responded to the plan of renting out Fannie Mae and Freddie Mac foreclosed properties.
The full details of the plan are still under wraps by the FHFA but it has been claimed that this plan is on the top of the list and transactions are looking to take place in the beginning of this next year. Renting out the currently vacant properties will provide living space to those who may not qualify for a mortgage and will help increase the value of the surrounding neighborhoods and properties. According to a Securities and Exchange Commission filing, as of September 30, Fannie Mae held 122,616 foreclosed properties and Freddie Mac held 59,616 properties.
Funds are also being raised by firms to purchase foreclosed properties in bulk, sell to investors who will repair and maintain the homes and then hire managers to oversee the rentals or sell the homes and split the proceeds with the government.
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