Fannie Mae will allow distressed owners to rent
Fannie Mae will permit distressed homeowners to rent their properties for up to a year, instead of paying the mortgage or facing foreclosure, the agency announced Thursday. The program, called "Deed for Lease," lets owners transfer ownership of their property to the agency; the agency leases it back to them at market-determined rates. "If you keep more people in their homes, it's better for the community. It's better for the financial institutions that own those homes," said Jay Ryan, vice president of equity investments at Fannie Mae. "Hopefully, less foreclosure product on the market will help stabilize those communities."
Wall Street Journal, The | 11/06
This story published in CPA Letter Daily on 11/06/2009
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