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LOST SOVEREIGNITY
OIL-RICH FUND EYEING FORECLOSED US HOMES
By TERI BUHL


Posted: 4:19 am
August 10, 2008
There’s a new land grab starting in America.
Foreign money, which up to now has focused its attention on
investing in iconic commercial real estate – like Barneys New York
and the Chrysler Building – is now moving to scoop up tens of
thousands of discounted foreclosed homes across the country.
One sovereign fund, said to have earmarked $29 billion to purchase
foreclosed residential real estate, recently hired a West Coast
mortgage broker and is starting to search for bargains, The Post
has learned.
The search, which is being carried out, in part, by Field Check
Group mortgage consultant Mark Hanson, who was retained by the
broker, Steve Iversen, is concentrating on single- and multi-family
REO (real estate owned) homes, or homes that have already been
taken over by the mortgagee.

Neither Iversen nor Hanson would disclose the name of the client,
but sources told The Post it’s a sovereign fund.

The unidentified fund joins individual US investors, hedge funds
and Wall Street banks in kicking the tires of REO homes, which have
fallen in value so much that they are now tempting investments.

A sovereign fund would have two distinct advantages over other
investors – the depressed value of the US dollar makes the homes a
bargain, and sovereign funds have deeper pockets.

to continue reading go to this link http://www.nypost.com/seven/08102008/business/lost_sovereignity_123879.htm
 

 
 

 

 

 

 

 

 

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