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VVance
5700 Posts |
 Posted - 11/06/2009 : 05:59:24 AM
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This is wrong on so many different levels.
Fannie to Rent to Owners in Foreclosure
By NICK TIMIRAOS
Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.
The "Deed for Lease" Program lets borrowers who don't qualify for loan modifications transfer their property to Fannie Mae in exchange for a lease. Borrowers-turned-tenants will pay market rents, which in most cases are lower than the cost of mortgage payments, and might be offered extensions when their leases expire.
Fannie Mae wouldn't say in its Thursday announcement how many homeowners it expects would take advantage of the program. The company acquired 57,000 properties through foreclosure during the first half of the year.
Borrowers have to demonstrate they can't afford their current mortgage, but can pay the rent. The borrower's mortgage servicer has to show the borrower didn't qualify for a loan modification.
"If you keep more people in their homes, it's better for the community. It's better for the financial institutions that own those homes," said Jay Ryan, vice president of equity investments at Fannie Mae. "Hopefully, less foreclosure product on the market will help stabilize those communities."
http://online.wsj.com/article/SB125743289932030933.html?mod=googlenews_wsj#articleTabs%3Darticle |
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CoolMtgGuy
11109 Posts |
Posted - 11/06/2009 : 06:20:40 AM
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| Why is it wrong to keep a house occupied rather than throwing out the owner and watching ti fall apart and become occupied by squatters? I think it is a creative and sensible move. |
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VVance
5700 Posts |
Posted - 11/06/2009 : 06:38:24 AM
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quote:
Originally posted by CoolMtgGuy
Why is it wrong to keep a house occupied rather than throwing out the owner and watching ti fall apart and become occupied by squatters? I think it is a creative and sensible move.
http://seekingalpha.com/article/171765-fannie-mae-s-deal-rent-your-home-from-the-government |
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CoolMtgGuy
11109 Posts |
Posted - 11/06/2009 : 06:44:07 AM
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So what is your point with the stuuf at that link? I think it is a creative solution to a vexing problem. Do you have a better one?
quote:
Originally posted by VVance
quote:
Originally posted by CoolMtgGuy
Why is it wrong to keep a house occupied rather than throwing out the owner and watching ti fall apart and become occupied by squatters? I think it is a creative and sensible move.
http://seekingalpha.com/article/171765-fannie-mae-s-deal-rent-your-home-from-the-government
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