foreclosure: Fannie Mae to rent out homes instead of foreclosing - 11/10/09 02:20 AM
Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced this past Thursday.
By Alan Zibel
The Associated Press
WASHINGTON - Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.
The program will "eliminate some of the uncertainty of foreclosure, keeps families … (0 comments)

 

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