Administration: Convert Foreclosures to Affordable Rental Housing

On Aug. 10, the Obama administration announced that it's seeking input on a new initiative to stabilize neighborhoods by facilitating the disposition of single-family real estate-owned (REO) properties, including condominiums, from the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac and the Federal Housing Administration (FHA) and, through third-parties or joint ventures, using the properties to provide affordable rental housing.