Fannie Mae to allow borrowers in foreclosure to lease back homes

Nov 6th, 2009 - Los Angeles Times

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Fannie Mae to allow borrowers in foreclosure to lease back homes

Mortgage giant Fannie Mae said Thursday that it would throw a lifeline to some people losing their homes to foreclosure by allowing them to lease those properties back for up to a year at market rental rates.

The move is the latest in a series of steps by lenders trying to manage inventories of foreclosed homes on their books in an attempt to keep a wave of properties from slamming a housing market that has shown some signs of recovery.

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