Fannie Mae (NYSE: FNM) has initiated a new Deed to Lease program in which homeowners facing foreclosure will be able to stay in their homes as renters.
During the first half of the year, Fannie Mae has acquired 57,000 homes through foreclosure. These are owners who do not qualify for mortgage restructuring. They must demonstrate that they could not pay their mortgage but can pay rent. The rents paid are lower than their previous mortgage payment.
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