White House Seeks Ideas to Shrink Foreclosure Glut

By Margaret Chadbourn

The Obama administration is looking for new ideas to shrink a glut of foreclosed properties held by mortgage finance giants Fannie Mae (OTC BB:FNMA.OB – News) and Freddie Mac (OTC BB:FMCC.OB – News) that are weighing down the housing market and hurting home prices.
The U.S. Treasury Department, the Federal Housing Finance Agency and the Department of Housing and Urban Development said on Wednesday they were considering alternatives including turning the foreclosed properties into rental homes.

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