Hi Desert Real Estate Forum

Fannie Mae and Freddie Mac on Friday again extended their moratorium on evictions of borrowers or renters facing foreclosure through Feb. 28.

The companies also announced plans to expand rental options after defaults and to develop a new rent-to-own program.

Details of the programs include:

• Month-to-month leases for borrowers and renters;
• Property management companies hired by Freddie and Fannie will set market-value rents;
• Tenants and homeowners will be asked to demonstrate that they have enough money to pay the rent.

"Keeping foreclosed properties occupied and in better repair will support local property values and promote a faster recovery in the housing market," David Moffett, Freddie Mac's chief executive officer, said in a statement.

Source: Reuters News (01/30/2009)

"Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission."