With the economy and the National housing market still ailing, government officials are seeking to shrink the glut of foreclosed properties that have piled up in many parts of the country. They are looking for ideas -- that could vary regionally -- on how to pool properties owned by mortgage finance giants Fannie Mae (FNMA), Freddie Mac (FMCC) and the Federal Housing Administration and sell them to investors in bulk, who could then rent them out. Obama officials hope the move will put a floor under declining home prices.
Private investors could also be allowed to oversee the conversions. Officials are also mulling whether to implement a program in metro areas hit hardest by foreclosures and in those with high demand for rental housing.
The homes include single-family homes and condominiums. The deadline for responses is Sept. 15. [Details]