On February 27, the FHFA announced the first pilot program transaction under the Real Estate-Owned (REO) Initiative, targeted to hardest-hit metropolitan areas (Atlanta, Chicago, Las Vegas, Los Angeles, Phoenix, and parts of Florida).  Prequalified investors will be able to submit applications to demonstrate their financial capacity, experience, and specific plans for purchasing pools of Fannie Mae foreclosed properties with the requirement to rent the properties for a specified number of years.  FHFA Release.