Uncle Sam’s Fire Sale. Minimum Investment: $1 Billion

http://dailyreckoning.com/uncle-sams-fire-sale-minimum-investment-1-billion/

As many as 10,000 properties might be unloaded in a single transaction during the first quarter of 2012 — thanks to a government program so new it doesn’t have a catchy name yet, only the working title “Enterprise/FHA REO Asset Disposition.”

As of last September, there were about 800,000 “real estate owned” or REO homes in the United States — homes repossessed and on the market. Close to one-third of these — 250,000 — sit on the books of Fannie Mae, Freddie Mac and the Federal Housing Administration. That is, 250,000 homes are owned by you and me, the US taxpayers.

“The US taxpayer will get pennies on the dollar for these homes, and then be allowed to rent them back at market rates.”

Read more: Uncle Sam's Fire Sale. Minimum Investment: $1 Billion http://dailyreckoning.com/uncle-sams-fire-sale-minimum-investment-1-billion/#ixzz1nQlzDkFQ