Investors Showing Interest In Fannie Mae Foreclosure Sales
- The Bonez
According to a report published Monday by the Wall Street Journal, investors are sowing some interest in acquiring foreclosed properties in bulk from mortgage lender Fannie Mae. Under a newly launched program, the investors would have to renovate and rent out the properties for several years before being able to sell them, limiting the impact on home values of releasing the properties onto the market for sale at the same time.
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According to the story, which cited unnamed officials familiar with the program's parameters, the program includes about 2,500 foreclosed homes that have been divvied up between eight regional pools, carrying a total market value of about $320 million. Bids for the homes are due by the middle of April, according to an offer sheet prepared by Credit Suisse operating as Fannie's adviser for the sale. Fannie hopes to begin closing sales for the foreclosed homes by late May, the Journal reported.
Among the investors submitting bids, according to the report, are New York-based broker Amherst Securities Group and a fund managed by Lewis Ranieri, a pioneer in the mortgage bond market. Hedge fund operator Paulson & Co and private equity firm Colony Capital are also reportedly considering submitting bids for the bundles of distressed homes. Attempts to obtain comments from Fannie Mae and Freddie Mac have so far gone unanswered.
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