Community Reinvestment Act

Fannie Mae to Allow Some Tenants to Stay After Foreclosure 

(Update 1 reflects a media statement issued by Fannie Mae. Update 2 reflects the statement by James Lockhart, issued by the FHFA.) It’s the gift that keeps on giving. Government-sponsored entity Fannie Mae’s [stock FNM][/stock] efforts to prevent foreclosures and keep people in homes culminated in an unprecedented announcement Sunday that the banking giant would sign new leases with renters living in foreclosed properties owned by the company. The effort is estimated to benefit up to 4,000 renters initially, according to a report by the New York Times.