Fannie Mae Lease Back to Foreclosure Homes
Fannie Mae will now become a landlord to some people facing foreclosure by allowing them to lease back their homes for up to a year.
The Fannie Mae lease back program attempts to prevent more foreclosures from flooding an already weakened housing market, which could drive home prices down. The program is for borrowers heading into foreclosure who have exhausted other options, such as a loan modification.
The news came as Fannie Mae reported a net loss of $18.9 billion in the third quarter of 2009, compared with a $14.8-billion loss in the second quarter. The latest loss prompted Fannie Mae to request $15 billion from the Treasury.
Mortgage Loans
The Fannie Mae lease back program attempts to prevent more foreclosures from flooding an already weakened housing market, which could drive home prices down. The program is for borrowers heading into foreclosure who have exhausted other options, such as a loan modification.
The news came as Fannie Mae reported a net loss of $18.9 billion in the third quarter of 2009, compared with a $14.8-billion loss in the second quarter. The latest loss prompted Fannie Mae to request $15 billion from the Treasury.
Mortgage Loans
posted by CRHOME.com at
9:04 PM
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