The Federal Housing Finance Agency is reportedly attracting some big investors as it proceeds with its initiative to dispose of GSE and government-held real estate-owned properties, but some industry observers question whether the fledgling program can be modeled in a way that makes business sense. Earlier this month, the FHFA announced the first pilot transaction under its REO initiative, which is targeted to the country’s “hardest-hit” metropolitan areas, including Atlanta, Chicago, Las Vegas, Phoenix and…