Boston Globe Article “Shrinking the foreclosed real estate glut” features BCC’s SUN Initiative

Friday, February 10, 2012

Boston Community Capital’s SUN Initiative was featured in The Boston Globe article, “Shrinking the foreclosure real estate glut.”  The article, written by Steven Syre, explains how “the federal agency that oversees Fannie Mae, Freddie Mac, and the Federal Housing Administration is experimenting with a strategy to attract large investors to buy portfolios of foreclosed homes and agree to rent them for a period of time.”

“A successful effort could do a lot to restore a normally functioning real estate market over time and that would help fix a lot of problems. Nothing is holding that market back more than an oppressive inventory of foreclosed property.”
However, Syre goes on to explain that some “are not so gung-ho on the current bulk sales plan. Elyse Cherry, chief executive of Boston Community Capital, says Fannie Mae and Freddie Mac hasn’t been accommodating to individual owners but could end up giving breaks to big investors. She also says the bulk-sale plan comes with no apparent standards for maintaining properties.”