{"id":10221,"date":"2009-11-05T16:22:52","date_gmt":"2009-11-05T23:22:52","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10221"},"modified":"2009-11-05T16:22:52","modified_gmt":"2009-11-05T23:22:52","slug":"fannierents-taxpayers-are-now-going-to-own-all-these-houses-fannie-mae-should-have-unloaded-its-going-to-cost-a-fortune","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10221\/fannierents-taxpayers-are-now-going-to-own-all-these-houses-fannie-mae-should-have-unloaded-its-going-to-cost-a-fortune\/","title":{"rendered":"FannieRents: “Taxpayers are now going to own all these houses Fannie Mae should have unloaded. It’s going to cost a fortune.”"},"content":{"rendered":"

Yahoo News:<\/a><\/p>\n

Can’t pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.<\/p>\n

The change announced Thursday could give a temporary break to thousands of homeowners, but critics question whether it will only add to the mushrooming losses at the company, which has received billions in taxpayer money.<\/p>\n

The new “Deed for Lease” program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process.<\/p>\n

The program helps “eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities,” Jay Ryan, a Fannie Mae vice president, said in a statement.<\/p>\n

It also does less harm to the borrower’s credit record.<\/p>\n

“It shows that you put your best effort to work out a solution,” said Gabe Del Rio, director of homeownership at Community HousingWorks of San Diego.<\/p>\n

However, Mike Himes, director of homeownership services at NeighborWorks Sacramento, said the industry should push harder to modify loans at lower monthly payments. “The preferred option is allowing people to retain ownership,” he said.<\/p>\n

Fannie Mae executives said the rental program is designed to help delinquent homeowners who don’t qualify for a loan modification, but still want to stay in their homes.<\/p>\n

To qualify, homeowners have to live in the home as the primary residence and prove that they can afford the market rent, which will be established by the management company running the program. Rents are based on current market rates.<\/p>\n

The plan is expected to be particularly attractive in places like Phoenix or Orange County, Calif., where homeowners are stuck paying large mortgage bills on properties that are now worth far less than they originally paid. At the same time, rents have been falling in those areas and homeowners may find they are paying far less to live in their home.<\/p>\n

In Orange County, Read more<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Yahoo News: Can’t pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year. The change announced Thursday could give a temporary break to thousands of homeowners, but critics […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[251,6,5],"tags":[],"class_list":{"0":"post-10221","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-big-mother","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":17130,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17130\/mortgage-refinancing-and-forbearance-three-balls-you-walk-one-strike-and-your-out\/","url_meta":{"origin":10221,"position":0},"title":"Mortgage Refinancing and Forbearance: Three Balls, You Walk, One Strike, You’re Out","author":"Brian Brady","date":"September 24, 2020","format":false,"excerpt":"One of the most consistent of the \"old school mortgage bloggers\" is Rhonda Porter in Seattle, writing over on The Mortgage Porter.\u00a0 She offers no-frills information about mortgage markets, the kind of straightforward advice homeowners need.\u00a0 Her blog is almost 15 years old. I wanted to advise current homeowners why\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/09\/blogging-guide-xYaMK5p3vCA-unsplash-480x320.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":14915,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14915\/what-could-be-worse-than-uncle-sam-as-the-nations-mortgage-monopolist-how-about-uncle-sam-the-monopoly-landlord\/","url_meta":{"origin":10221,"position":1},"title":"What could be worse than Uncle Sam as the nation’s mortgage monopolist? How about Uncle Sam the monopoly landlord?","author":"Greg Swann","date":"August 10, 2011","format":false,"excerpt":"From the Associated Press:The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices. The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies Fannie Mae and Freddie\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5913,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5913\/treasury-may-lower-mortgage-rates\/","url_meta":{"origin":10221,"position":2},"title":"Treasury\u00a0may lower mortgage rates?","author":"Tom Vanderwell","date":"December 3, 2008","format":false,"excerpt":"WASHINGTON (MarketWatch) - The Treasury Department is contemplating a proposal that would cut mortgage rates for new loans for homes, according to the Wall Street Journal. The plan would employ Fannie Mae to offer mortgages with rates as low as 4.5%, roughly 1% lower than current rates. The measure is\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4576,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4576\/what-happened-fannie-mae-and-freddie-mac-exploded-and-many-bystanders-were-injured-in-the-blast-some-fatally\/","url_meta":{"origin":10221,"position":3},"title":"What happened? “Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally”","author":"Greg Swann","date":"September 22, 2008","format":false,"excerpt":"Things fall apart: Kevin Hassett at Bloomberg.com is getting death threats over this news analysis:The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story. Why\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11498,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11498\/obamas-short-sale-program-could-put-downward-pressure-on-home-prices\/","url_meta":{"origin":10221,"position":4},"title":"Obama’s Short Sale Program could put downward pressure on home prices","author":"Al Lorenz","date":"March 8, 2010","format":false,"excerpt":"Mr. Obama's latest program for the foreclosure crisis attempts to stabilize the market in a different way than his previous attempts.\u00a0 Before, the feds tried to keep people in their homes by negotiating reduced payments through loan modifications.\u00a0 Few people were able to use the programs and of those that\u2026","rel":"","context":"In "Carnival of Real Estate"","block_context":{"text":"Carnival of Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/carnival-of-real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10963,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10963\/barney-frank-i-believe-this-committee-will-be-recommending-abolishing-fannie-mae-and-freddie-mac-in-their-current-form-and-coming-up-with-a-whole-new-system-of-housing-finance\/","url_meta":{"origin":10221,"position":5},"title":"Barney Frank: “I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance.”","author":"Greg Swann","date":"January 22, 2010","format":false,"excerpt":"To say anything at all would be way too much. From the Wall Street Journal:\"The remedy here is...as I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance,\" said Rep. Barney Frank\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10221"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}