The Cape Cod Times had a recent article from Bloomberg News that stated the Federal Housing Finance Agency was seeking ideas as Fannie Mae and Freddie Mac look to reduce losses, stabilize neighborhoods and support housing values by turning a portion of the more than 180,000 repossessed homes in their inventory into rentals. Carrington, a real estate and mortgage services company founded by hedge-fund manager Bruce Ross, is "actively raising" roughly $1 billion to purchase foreclosed homes that will be renovated and held as rentals, with or without the government program, according to Rick Sharga, executive vice president of Carrington.
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