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http://www.reuters.com/article/2012/08/0....
Wed Aug 1, 2012

Oliver Chang, the former head of U.S. housing strategy at Morgan Stanley, on Wednesday announced the opening of an investment firm that intends to spend up to $1 billion to acquire distressed, single-family homes over the next two years.

Sylvan Road Capital is launching with a $300 million investment from an undisclosed private equity firm, the new firm said.

The new asset management firm will seek to acquire foreclosed homes across the United States with an eye toward operating them as rental properties...

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"America is moving toward a rentership society, and I believe the opportunity to purchase and professionally manage single-family, rental homes represents one of the most compelling investment opportunities across all asset classes," Chang said.

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Former Goldman Sachs Group Inc. mortgage executive Donald Mullen is trying to raise $500 million for a foreclosed home fund. Goldman Sachs is helping its former executive market the fund to investors...