Tuesday, September 11, 2012

Sell off

"Fannie Mae FNMA -0.41% will sell nearly 700 foreclosures in Florida to a real-estate investment firm, but appears unlikely to expand this strategy beyond properties already rented out to tenants.

San Diego-based Pacifica Companies reached an agreement last week to purchase the 699 properties, most of which already have tenants, in three Florida markets, Fannie Mae and the company’s federal regulator said Monday."

Something the opposite of Robin Hood-----take the houses away from the average American, make them rent it back (because the bank refused to work with them), and sell them off to an investor.

No comments:

Post a Comment