Several hedge funds and other big investment groups backed with Wall Street money had lined up to bid on foreclosures. These big investors view a lucrative market for foreclosed homes converted to rental properties.
The Santa Monica real estate investment firm won an auction by the federal government to purchase 970 foreclosed homes in California, Arizona and Nevada from mortgage titan?Fannie Mae?for $176 million.
The bulk foreclosure sale is a pilot program by the Federal Housing Finance Agency, which oversees Fannie and sister company?Freddie Mac. The program is intended to help clear the large numbers of foreclosed homes on the books of the two mortgage giants without crashing the housing market's recovery. Investors who purchase the homes will rent the properties out.
In a sign of how competitive the bidding for the foreclosed homes was, the firm paid 112% of the properties? estimated worth, according to a breakdown of the transaction by Fannie Mae.
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