By Catherine Reagor
The Arizona Republic
If you’d like to discuss real estate matters, contact Rose Law Group Founder Jordan Rose, jrose@roselawgroup.com
The winning bidder for Fannie Mae’s bulk sale of more than 300 sought-after foreclosure houses in metro Phoenix has been revealed: Santa Monica, Calif.-based Colony Capital.
But the true cost of the houses is still a mystery because of the complex financing deal approved by Fannie Mae’s regulator, the Federal Housing Finance Agency. The more than 300 houses in Arizona are lumped in with a total of 970 foreclosure homes Colony is buying. The other properties are in California and Nevada.
According to new information from Fannie, the price paid by Colony for the nearly 1,000 houses is $34million. But the transaction’s value is $176million. Fannie describes the deal as a structured transaction that includes a bidder acquiring houses in some cases and then co-owning other houses with the federal agency. It appears the federal government remains the primary owner of the foreclosure homes.
Also: Scottsdale mortgage broker gets 30 months in prison for fraud
