Reagor: Colony behind big buy

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.

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