Posted By Sean Terry| January 30, 2009
Fannie Mae and Freddie Mac is Suspending Foreclosures and Offering a “Rent-To-Own” Program
Reuters announced today that lending giants Fannie Mae and Freddie Mac are suspending foreclosures! The story goes on to state that “Fannie Mae is also planning to expand rental options after default and a new “rent-to-own mortgage program,” said spokesman Brian Faith.”
It also states that 16% of ALL mortgages will be foreclosured if there is not government intervention.
Fannie and Freddie report that they will seek loan modifications to help borrowers retain ownership.
Continue Reading Source: Reuters | January 30, 2009