Based on the press release, while the preference is for them to be owned by families, they are leaning toward turning a significant portion of the portfolio of foreclosed properties into rentals.
Naturally, the Congressman from Arizona's 5th District, "Foreclosure Dave" Schweikert is all over this.
He issued a press release, and as a public service, I will translate
“Since arriving in Congress one of my top priorities has been finding ways toLater...
re-starthelp me and my business partners squeeze even more blood out of the stone that is the U.S. housing market. One of the biggest impediments to a housing recoveryeven more profits for me and my wealthy friends at Swartz and Brough is that the U.S. government, through Fannie Mae and Freddie Mac, is holding more than 250,000 Real Estate Owned (REO) single family residences across the country. The continued inabilityfailure to move these homes back into the marketplaceinto our possession has created significant uncertainty for the marketour balance sheet, which has received little indication about when, how, and if these homes will ever be soldgiven to us.
“Today, the Federal Housing Finance Agency (FHFA), which oversees Fannie and Freddie, issued a Request for Information (RFI) to solicit ideas about how to
dispose of thesetransfer the REO properties to me and my friends.
“Moving these properties off the government’s books and
back into the market-placeonto mine is an important step in creating velocity in the housing marketa stable source of profit for me and mine by removing uncertainty about the fate of these homes. If priced at an appropriate discountsubsidized for well-connected profiteers, these homes will be a unique opportunity for first time home buyers to enter the market at competitive pricesto transfer most of their life savings to me and mine.
“Arizona is home to many real estate
entrepreneursprofiteers and I welcome thoughts and feedback on ways to move these homes to reduce taxpayer riskme and mine and ensure this program is implemented properly, you know, with taxpayer subsidies for wealthy people.
“As part of the Republican
jobspersonal wealth acquisition at taxpayer expense agenda, this one technical correction that I am happy to be involved with and many Arizonans will be encouraged to seetold that they can kiss my butt if they don't like it.”