The Latest Housing Crash Gimmick: Fannie's "Sale-Rentback" Nightmare
The situation in housing is taking a turn for the surreal. As of tomorrow, bankrupt Fannie Mae will offer deadbeat housing speculators, aka homeowners who bought at the market peak and now can't pay their mortgage, the option to live in their foreclosed upon home while renting it out on a month-to-month basis from the government. As the WSJ reports, "borrowers-turned-tenants will be able to sign leases of up to 12 months and will pay market rents, which in most cases are lower than the cost of mortgage payments." The catch: Fannie will be able to hold the home as...
Original Article: Forum: News/Activism
Tags: 12 Months, Borrowers, Crash, Fannie Mae, Gimmick, Leases, Market Peak, Market Rents, Mortgage Payments, Nightmare, Speculators, Taking A Turn, Wsj Reports, X22, X27