Fannie Mae Announces National REO Rental Policy

By
Real Estate Broker/Owner with Paul Howard, Broker, Paul Howard Realty 856-488-8444 8639604
Fannie Mae announced yesterday: "... the establishment of a new National Real Estate Owned (REO) Rental Policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The company currently has an eviction suspension in place through the end of January which will allow for the new policy to be fully operationalized prior to the suspension concluding."

This may be good news for the housing market. The glut of vacant homes in some areas has exacerbated the ongoing problems facing all segments of the market. Unfortunately, this only applies to homes that are occupied by renters at the time of a foreclosure - so only investor owned homes are affected. I'd like to see it expanded to put renters in most foreclosed/vacant homes whether currently renter occupied or not. In some cases perhaps the very people being foreclosed could be kept in the home.

It is unclear how this policy will affect the marketing and sale of these homes. If they will be kept off the sale market it will reduce the inventory of homes for sale and help firm up prices.

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Paul Howard, Broker

NJHomeBuyer.com Realty

80 Barclay Center Suite 4A

Cherry Hill NJ 08034

856-488-8444

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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Paul:  As someone who has helped too many displaced renters, this sounds like a very reasonable solution. 

Jan 24, 2009 02:48 AM #1
Rainmaker
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Paul Howard
Paul Howard, Broker, Paul Howard Realty 856-488-8444 - Cherry Hill, NJ
Paul Howard Realty, 856-488-8444

Chris,  I guess too reasonable to be considered though on an expanded basis.

Jan 24, 2009 03:16 AM #2
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Paul Howard

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