California lawmakers object to bulk REO-to-rental sales

Letter to Fannie and Freddie regulator: Not in our backyard

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Nineteen members of California’s congressional delegation object to Fannie Mae and Freddie Mac selling foreclosed properties in their state to investors in bulk for conversion to rentals.

Fannie and Freddie’s federal regulator, the Federal Housing Finance Authority (FHFA), has said it will approve bulk sales only in markets where there’s a glut of properties on the market.