Fannie Mae (FNMA.OB) is planning to sell a stake in many apartment buildings to Related Cos, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The deal, whose value could not be determined, would represent the first major bulk sale of foreclosed property by the government-controlled Fannie Mae, the paper said. Fannie Mae seized a number of buildings from landlords in recent years as the loans fell into default, the paper said. Under terms of the deal, Fannie would sell a 25 percent stake of its inventory, valued at about $300 million, to the New York private real-estate company controlled by Stephen Ross, the paper said.
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