Well, Here's Your Chance to Make It BIG!
Looks like Treasury is throwing in the towel. According to a Reuters article by Margaret Chadbourn, the Treasury Dept. is looking for ways to reduce Fannie & Freddies REO inventory.
"Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing...",Treasury Sec. Tim Geithner.
Did you get that ?? AFFORDABLE RENTAL HOUSING.Hmmmm..
Geithner goes on to say the administration is looking for "Private Equity Partners". Investors to the rescue as always! Seems they want to move $30 BILLION of REO.
I've seen some of the past FDIC private equity deals and are they SWEET! At $30-$40 per day loss it doesn't take long to bleed out.
Finally, someone woke up and listened.
Comments (2)
Uryss, this kind of REO will be sold in large blocks. Say, 100+ properties at a time.the Treasury dept. is looking for Large Private Capital Co's to buy these properties. If you are talking about "cherry picking" properties, I don't think you would get too far. You have to take the Good,Bad & Ugly.
Mike Morrison, almost 15 years ago
HeyMike that sounds great where would one find these REO's? Will these properties be under the same type of ANTI-FLIP CLAUSE GMAC are using? Uryss Mitchell from San Antonio,Tx.
Uryss Mitchell, almost 15 years ago