Fannie Mae to Allow Borrowers to Lease Homes


	Fannie Mae to Allow Borrowers to Lease Homes

arifsali

11-5-2009 12:21 PM

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tags:

economy, foreclosure, homes, united states

arifsali says:

I'm sure that unknown managing company will rake in lots of business through this program.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/f79714e5-1b57-4682-87ce-b429e3cfe922/DBB8C7C2-0154-46D1-B629-DED89A23818A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#" href="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#">Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from <A title="More information about Federal National Mortgage Association (Fannie Mae)" href="http://topics.nytimes.com/top/news/business/companies/fannie_mae/index.html?inline=nyt-org">Fannie Mae</A>, under a policy announced Thursday.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#">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.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#">But the effort is likely to affect a relatively small number of homeowners.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#">The rental program is designed to help homeowners who don’t qualify for a <A title="More articles about loan modifications." href="http://topics.nytimes.com/your-money/loans/loan-modifications/index.html?inline=nyt-classifier">loan modification</A></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/11/06/business/economy/06fannie.html?_r=1&src=twr#"><P>Fannie Mae has hired an outside company, which officials declined to identify, to manage the properties.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/DBB8C7C2-0154-46D1-B629-DED89A23818A/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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