REO to Rental, FHFA Reveals 3rd Winner for REO Initiative, C.A.R. Voices Disapproval
By James A. Browning, MRE REOCertified(R) SSCertified
(Browning Real Estate School/REO Institute)
FHFA Reveals 3rd Winner for REO Initiative, C.A.R. Voices Disapproval By: Esther Cho The Federal Housing Finance Agency (FHFA) announced a third bidder scooped up properties in three states for the agency’s REO-to-rental initiative, leaving Atlanta as the sole metro in the program with no winning bidder. Colony Capital, LLC purchased 970 properties in Los Angeles and Riverside, California; Phoenix, Arizona; and Las Vegas, Nevada, the agency revealed Thursday. Colony Capital is a private real estate investment firm based in California. The agency’s REO initiative seeks to sell Fannie Mae foreclosures to institutional investors in hard-hit metros. The investors will then convert the foreclosures to rental units. The 970 properties purchased by Colony Capital include 1,176 units, 752 of...
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