Home | Newsletter | Advertise
loading...

Wall Street Big Wigs Buying Up Foreclosures

  • March 19, 2012

by Shilpi Paul

Wall Street Big Wigs Buying Up Foreclosures: Figure 1

Fannie Mae’s plan to fill foreclosed homes with renters is getting some support from Wall Street’s high rollers.

The Wall Street Journal is reporting that a few firms are planning on buying up foreclosed properties from Fannie Mae. Most of the homes involved in this deal are currently filled with renters; the deal will stipulate that investors keep renting out the properties for a few years.

Amherst Securities Group, Paulson & Co. and a fund run by mortgage-bond pioneer Lewis Ranieri, among others, are considering making bids. From The Wall Street Journal:

The sale consists of 2,500 homes divided into eight regional pools, ranging from 572 properties in Atlanta to 99 in Chicago. The total current market value is $320 million, according to an offering document prepared by Credit Suisse, which is advising Fannie.

“We’re investing a lot of capital, a lot of time, with the expectation that this is a very small beginning to a very big movement,” said Sean Dobson, CEO of Amherst. Last summer the firm won 50 properties auctioned by Fannie in Dallas and confirmed that it plans to bid on some of the pools up for auction now.

We’ll see how these bids progress in the coming months.

Similar Posts:

See other articles related to: fannie mae

This article originally published at http://dc.urbanturf.com/articles/blog/wall_street_big_wigs_buying_up_foreclosures/5302

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse