FNMA initiates a Deed for Lease program. The agency will let homeowners facing foreclosure transfer their home to FNMA and rent it back. Per the NYT:
"The program 'helps 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....In the first half of the year, Fannie Mae took back about 1,200 properties through this process known as deed in lieu of foreclosure. That pales in comparison to the 57,000 foreclosed properties the company repossessed in the period...While neither option is particularly attractive for the homeowner, the deed-in-lieu program does less harm to the borrower’s credit record...The rental program is aimed at helping homeowners who don’t qualify for a loan modification under the Obama administration’s plan, but still want to remain in their homes..."
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