About a year ago, we had a running semi-serious joke around the office that the government should just buy up every foreclosure for the value of the loan and rent the home back to the owners – back of the napkin math suggested it would just be cheaper in the long run than all of the banking bailouts and the rest of the mess downstream.
I am not sure whether to be pleased or amazed, but our joke is now (almost) reality:
WASHINGTON, DC — Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.
Fannie Announces Deed-for-Lease Program [Fannie Mae]
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- If Your Landlord is a Deadbeat, You Might be Really, Really Screwed
- Reason Number 73 that Being a Landlord Might Involve More Than You Bargained For
- Born Again: When will you be eligible for a mortgage after a foreclosure or short sale?
- Biggest MN Builder Yet: MW Johnson Builders Goes BK
- Only 93,000 Homes Made Affordable
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