New York Firm to Buy Fannie Foreclosures
A private-equity firm has agreed to buy nearly 100 properties in the Chicago area from Fannie Mae part of a federal strategy to find buyers for large numbers of foreclosed properties.
The Cogsville Group, a New York-based firm led by former professional soccer player Donald Cogsville, reached an agreement to buy the properties from the government-controlled mortgage giant in a joint venture deal worth $11.8 million. The deal, announced Tuesday, is the second completed bulk sale of foreclosures held by the mortgage finance giant.
In an interview, Mr. Cogsville said the investment offered attractive returns in the form of rental income and the “opportunity to do some real investment in these homes.”
Mr. Cogsville’s firm has been a big investor in distressed real estate, buying loans and other assets from the Federal Deposit Insurance Corp.
Rest here…
More details on the deal below…
~
4closureFraud.org
~
We were warned to watch what this mayor does. That he was going to bring in private investors to grab the City. Some suspect this is why Mayor Daley & others put maritime liens on property downtown before the new guy took office.
Not the American way to help homeowners! Would be “moral hazard” wouldn’t it. Better to give away land and property to people who are corporate investors who will really DO something with the properties to benefit big business and Fannie. As a people in control of government, or the proverbial “for the people of the people” farce that we are in control, obviously the banks are in control along with people like Tim Geithner and company. I doubt Obama and Congress are in control and when we hand over the reins to Mittens, we will have completed the task of submission to fear mongering by the Republicans who have so stirred their base to fear it suppresses their freedoms!
When the people fear the government, there is tyranny. When the government fears the people, there is liberty. — Thomas Jefferson
wanna know what ticks me off about this?
Why didn’t they give the people they foreclosed on a 14% write down of principal instead?
Exactly. FMV and 14% to the struggling homeowner, not to some wealthy hedgie cronie of Phoney Mae. SICKENING how our taxpayer dollars are abused.
“All tyranny needs to gain a foothold is for people of good conscience to remain silent.” — Thomas Jefferson