How one man is bringing foreclosed homes to the rental market

(Crain's) — While the federal government is talking about renting out foreclosed homes, James McClelland has been doing it for 23 years.

Mr. McClelland is CEO of the Mack Cos., a Tinley Park-based company that buys about 250 foreclosed homes a year, an increasingly popular idea as repossessed properties keep piling up, the bulk of them owned by the federal government.

In a video interview with Crain's and tour of homes with his son, Mack Chief Operating Officer Jim McClelland Jr., Mr. McClelland explains how he got started in the business, how he finds homes to buy and what the government should be doing to fix the housing crisis.

Job one: Find ways for struggling borrowers to stay in their homes.