Aug. 10 (Bloomberg) — The Obama administration is seeking ideas
from investors on how to convert thousands of foreclosed properties owned by
government-backed entities into rental homes, administration officials said.
The Federal Housing Finance Agency, the regulator of Fannie Mae
and Freddie Mac, will be joined by the Treasury Department and the Department of
Housing and Urban Development in soliciting proposals, said the officials, who
requested anonymity because they were not authorized to speak publicly in
advance of an announcement planned for later today.
The goal is to reduce the number of foreclosed properties and
ease the price pressure on the housing industry, according to a report published
earlier by the Wall Street Journal and confirmed by administration
officials.
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