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.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/05/financial/f070033S99.DTL##ixzz0W7gR61Vp
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 and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/11/05/financial/f070033S99.DTL##ixzz0W7gOpNU1
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