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"A new release from the Federal Reserve shows the agency is ready for banks to launch mass real estate owned rental programs to revive distressed assets clinging to their books.
The Fed laid out the ground rules in a report, providing firms holding REOs with advice on how to follow all applicable landlord tenant, state and federal housing regulations.
"The general policy of the Federal Reserve is that banking organizations should make good-faith efforts to dispose of REO properties at the earliest practicable date," the Federal Reserve said in a statement.
"Consistent with this policy, in light of the extraordinary market conditions that currently prevail, banking organizations may rent residential REO properties (within statutory and regulatory holding-period limits) without having to demonstrate continuous active marketing of the property, provided that suitable policies and procedures are followed.""
Federal Reserve Press Release: April 5, 2012
Federal Reserve Board issues policy statement regarding rental of residential properties acquired in foreclosure
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