The federal government, with its friends The Banks and Fannie and Freddie, are selling off the homes they’ve thrown Americans out of to rich private investors. That’s bad enough. What’s worse is, it appears it might be even worse…what if those homes were being sold to rich foreigners?….
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A few days ago, 275 foreclosure houses across metro Phoenix were purchased through a very quiet $34 million cash deal. But it’s not clear yet who the buyer is.
In February, Fannie Mae announced it would auction 2,490 foreclosure homes in Phoenix, Atlanta, Chicago, Florida, Los Angeles and Las Vegas. It was the first time the government-owned mortgage firm agreed to openly sell groups of foreclosure houses located in just one metro area. Since the crash, Fannie Mae and Freddie Mac usually have sold homes they get back from lenders one by one, or in bulk with houses located all over the country.
Several buyers were interested in the Phoenix houses Fannie Mae was selling. Originally, 341 in the region were to be sold to one buyer, according to the federal government.