Chicago Finds New Purpose for Foreclosed Condos

More cities are faced with the question: What should happen to the vacant homes left behind from the foreclosure crisis?

On a national level, the Treasury Department, the Federal Housing Finance Agency, and the U.S. Department of Housing and Urban Development are working on a program to transform single-family foreclosed homes into rental properties. The federal agencies are not releasing details yet of how the program will work, but an REO rental program for Fannie Mae, Freddie Mac, and the Federal Housing Administration properties is expected to take shape sometime this year… more

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