Fannie Mae is the owner of 67,500 properties in foreclosure. Fannie Mae recognizing the difficulty of good people who pay on time, being forced out into the streets will sign new leases with renters living in their foreclosed properties. This could help as many as 75,000 renters stay in homes owned by Fannie Mae.
According to the NY Times, it is the first nationwide effort to provide widespread relief to renters ensnared by the unfolding mortgage crisis, and it will effectively transform Fannie Mae — a government-controlled mortgage finance company — into a national landlord.
Banks as a landlord would be problematic. Property management firms are often family owned business and they couldnt stand up to that kind of competition. Given how poorly the banks have performed as far as reasonable business decision making, I would like to see smaller management companies be offered the business should it be decided that tenants in good standing cannot be evicted just because an owner got into financial trouble.
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