Fannie Mae (FNM) Turns Absentee Landlord

So many breaks have been extended to homeowners, so we’re happy to see something done for renters. Fannie Mae says it will let as many as 70,000 renters stay in homes whose owners have been foreclosed.

This seems like a good idea, since for one thing, it means they’re collecting revenue while the home just sits there on the (non-) market. The other is that this should help avoid blight and property destruction. Renters typically won’t take as good care of the property as owners, but they’ll at least keep it livable, which is a lot more than can be said for a lot of foreclosed properties.

Still we don’t envie anyone whose landlord is Fannie Mae. Seriously, what kind of landlord are they going to be? Will they send someone ot fix the fridge when it goes out? Will they pay for pest abatement? Good luck.

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