clock menu more-arrow no yes mobile

Filed under:

Your New Landlord: Fannie Mae

New, 5 comments

Over the weekend, lender Fannie Mae announced that any renter living in a foreclosed home owned by its company would be able to sign a new lease (a month-to-month lease until the property is resold), or, if the renter wants to move, Fannie Mae will help pay for moving costs. According to the New York Times, "this is the first nationwide effort to provide widespread relief to renters ensnared by the unfolding mortgage crisis. It may also increase pressure on private lenders to establish similar programs and on lawmakers to pass renter relief." One question: What happens if raccoons crawl into your roof or your stove breaks? Is Fannie Mae going to come over and perform the duties your landlord used to perform? [NY Times]