Fannie to Let Renters Remain in Foreclosures
December 15th, 2008Via: Washington Post:
Fannie Mae has agreed to let renters stay in their homes even if the owners of the properties have been foreclosed on, according to an announcement from the company yesterday. About 4,000 renters live in properties foreclosed on by Fannie Mae.
The move comes after the mortgage-finance giant came under pressure from a Connecticut legal aid group to end efforts to evict tenants who are able to pay their monthly bills but whose landlords have lost their buildings to foreclosure.
It represents another step the company is taking to keep people in their homes. Last month District-based Fannie Mae and McLean-based Freddie Mac announced that they would suspend foreclosures and evictions during the holiday season and introduced a program to modify mortgages of owners facing foreclosure. Freddie Mac hasn’t announced a policy regarding renters.
