Fannie Mae will be offering up nearly 2500 distressed properties in eight locations to investors who are willing to buy them in bulk as rental units. Fannie Mae didn't specify how many years, but there will be a requirement that they be rented out for a set number of years.
The properties are located in Atlanta, Phoenix, Las Vegas, Los Angeles/Riverside, and three Florida regions. They include all types of housing from single family homes to co-op apartment buildings.
There will be strict guidelines for who will qualify as a buyer, and these properties represent only a tiny portion of the more than 180,000 properties held by Fannie Mae and Freddie Mac. Many of the properties are already occupied by tenants, and buyers will be required to honor their leases.