Sign of the Apocalypse...Government to rent your foreclosed home back to you......
"Renters in foreclosed properties have often been a casualty of the foreclosure crisis the country is facing," said Michael Williams, chief operating officer of Fannie Mae. "This policy will allow qualified renters to remain in Fannie Mae-owned properties should they choose to do so, mitigate the disruption of personal lives that foreclosures can cause, and help bring a measure of stability to communities impacted by high foreclosure rates."
The new policy applies to renters occupying foreclosed properties at the time Fannie Mae acquires the property. Renters occupying any type of single-family property will be eligible including residents of two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property.
While the company markets the properties for sale, Fannie Mae will manage the properties through a real estate broker or a property management company. The company will not require security deposits to be posted in connection with this program.
Renters in the foreclosed properties will be asked to pay market rate rent under the new leases. Rates may be determined by reviewing local comparable rents, conducting a neighborhood survey, or through other relevant indicators. Rates will also be subject to any legal rent control restrictions. The company will review each instance where the market rate may require a tenant to pay additional rent and will work to reach an equitable resolution.
http://www.fanniemae.com/newsreleases/2009/4581.jhtml
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- vincius
- added this
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This is great your neighborhood loses value in their property as you rent it back subsidized by your neighbor and the rest of us.... real positive example of Change
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So let's review. If I can't afford to pay my mortgage you'll rent to me at market rates, likely much higher than the mortgage. Yeah, that's shear genius.
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- JonRaymond
- 17 days ago
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Robbery .
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The loosing of credit created the mess... Fannie Mae loosened the criteria for qualifying for a mortgage,,, suddenly the number of new potential buyers increased thereby increasing demand then prices artifically..... now the people who should not have recieved a loan are now complaining... wanting more help...again artificial help.. Meanwhile, the people who followed the rules have lost all their equity... now the foreclosed people will get another handout which will help destroy values and create higher rents.... subsidizing hurts the market.
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We are a nation of dogs being ruled by ticks.
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Yes, just another example of the Elitist Banksters providing housing to their serfs. . . face it folks, B.O. and company have just seized more of America's assets and stripped you of more of your liberties . . . you gullible fools, you've been throughly fucked, and you didn't even have the pleasure of dropping your knickers.!
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- 2hellnwait
- 11 days ago
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