Fannie Mae Creates National REO Rental Policy

In Washington, Fannie Mae is establishing a new national real estate owned rental policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The company currently has an eviction suspension in place through the end of January, which will allow for the new policy to be fully operational prior to the end of the suspension. "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 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. To find out more, visit www.fanniemae.com.