Renters Get a Break from Fannie Mae
A new policy that will go into effect on January 9, 2009 will help keep thousands of tenants who are currently living in foreclosed homes from becoming evicted.
Fannie Mae has agreed to act as an interim landlord and will sign new leases for about 4,000 tenants. These tenants would otherwise face eviction, even if they had been paying their rent on time, because of the owners' failure to pay the mortgage on the property.
Fannie will observe an existing moratorium on new evictions. Both Fannie and Freddie Mac have agreed to temporarily hold off on evictions.
Fannie Mae has agreed to act as an interim landlord and will sign new leases for about 4,000 tenants. These tenants would otherwise face eviction, even if they had been paying their rent on time, because of the owners' failure to pay the mortgage on the property.
Fannie will observe an existing moratorium on new evictions. Both Fannie and Freddie Mac have agreed to temporarily hold off on evictions.
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