Fannie Mae announced Tuesday that it would allow qualified renters of foreclosed properties owned by a government-controlled mortgage company to stay in their homes.
Under the National Real Estate Owned (REO) Rental Policy, renters of homes acquired by Fannie Mae will be offered a new monthly lease at market-rate rent or if they desire, financial aid to help them move.
The properties must meet state and local building and safety codes.
Fannie Mae also said it will hire real estate practitioners or property management companies to manage the properties while the units are for sale.
Source: Reuters News (01/13/09)