In an effort to help keep housing inventory levels from increasing, Fannie Mae announced a new program that will allow borrowers who are in foreclosure to lease back their homes. This will not only keep homes...
To read the entire article, click on the link below:
Fannie Mae to allow borrowers who are in foreclosure to lease back homes
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Tony * actual press release indicates they have a PM firm already and I suspect it is a BIG firm with IREM affiliation that will then go out to localities once homeowners indicate they want to participate in the program!!!
It will be interesting to see if they offer woman/minority owned real estate firms a leg up as they did with RTC properties in the 80s...
This is a GOOD relief for owners who can now salvage, rather than give up all they've had.. saving them from a little humiliation. I am all for this... will read the article though. Thanks for posting this Tony.
Now, upon further investigation, i'd have to say i agree with NACA CEO Bruce Marks, who suggests this is a way to shift from facing the REAL problem... a great need to change the way the mortgage industry does business!
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