Originally published Saturday, February 14, 2009 at 12:00 AM
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Freddie Mac to rent foreclosed properties
Freddie Mac will allow some borrowers to rent their homes after losing them to foreclosure so the houses don't fall into disrepair.
The Associated Press
WASHINGTON — Mortgage-finance company Freddie Mac said it will allow some borrowers to rent out their homes after losing them to foreclosure.
The goal of the new policy is to prevent properties from becoming vacant so they won't fall into disrepair.
Freddie also said it will allow renters to remain in their homes even if their landlord enters foreclosure. It has about 8,500 properties in the foreclosure process, but many are vacant.
"Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market," said Freddie Mac Chief Executive David Moffett.
Fannie Mae, which announced similar plans in January, said it has stopped about 20,000 foreclosure sales and halted 6,300 evictions of owners or renters this winter.
Under Freddie Mac's new policy, tenants and former property owners need to demonstrate they have enough income to pay the rental bill.
Freddie Mac also said it would consider reinstating a mortgage for those borrowers who can qualify for a modified loan.
Fannie Mae and Freddie Mac were taken over by the government in September.
Copyright © 2009 The Seattle Times Company
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