David Cooper http://www.lasvegaswinner.org In a sign of how competitive the bidding for the foreclosed homes was, the firm paid 112% of the propertiesâ€™ estimated worth, according to a breakdown of the transaction by Fannie Mae.
Several hedge funds and other big investment groups backed with Wall Street money had lined up to bid on foreclosures. These big investors view a lucrative market for foreclosed homes converted to rental properties.
The bulk foreclosure sale is a pilot program by the Federal Housing Finance Agency, which oversees Fannie and sister companyÂ Freddie Mac. The program is intended to help clear the large numbers of foreclosed homes on the books of the two mortgage giants without crashing the housing market's recovery. Investors who purchase the homes will rent the properties out.Â Â http://tiny.cc/r3d8mw
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Â Â Â You Will Never See Prices Like ThisÂ AgainÂ In Your Lifetime!