BofA to try converting foreclosures into rentals - Los Angeles Times - 1 views
articles.latimes.com/...la-fi-home-rental-20120324
foreclosures rentals Bank of America banking pilot project
shared by Kevin Mao on 17 May 12
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Bank of America Corp. has tentatively joined a nascent housing industry movement in which homes in or near foreclosure are sold to investors as rental properties.
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often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out
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whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process,
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TwinRock Partners, a private Newport Beach firm, recently told potential investors that more than 100 homes it has acquired and rented out over the last two years have produced annualized returns of 8.7%, with the potential for big resale profits if housing prices recover