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Last week three senators submitted a letter to the Federal Housing Finance Agency asking them to work in a quick manner to come up with a program that would allow the conversion of vacant homes into rental homes.  Being referred to as the REO rental program the goal is to effectively stabilize the neighborhoods and housing values.  The foreclosure crisis has been ongoing now for 4 years with only small glimmers of hope from quarter to quarter and because of this the senators have asked the FHFA to act quickly and do all within its powers to address the current challenges that affect us all.  As of Monday, in a discussion with C-SPAN, Director of FHFA, Edward DeMarco said that the REO bulk sales program is the direction they are leaning toward, which would allow investors to buy properties in bulk and turn them into rental properties.  Keep listening and watching this story for changes and developments…

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