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Posted: 8:52 AM Nov 6, 2009
Fannie Mae offers borrowers option to foreclosure
Homeowners on the verge of foreclosure could soon get a reprieve from government-controlled mortgage company Fannie Mae.
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2 Comments 
WASHINGTON (AP) - Homeowners on the verge of foreclosure could soon get a reprieve from government-controlled mortgage company Fannie Mae.
The new "Deed for Lease" program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. It also helps save money because the lender does not need to complete the often lengthy and time-consuming foreclosure process.
Critics question whether the change, announced yesterday, will only add to the mushrooming losses at Fannie Mae, which has received billions in taxpayer money. One analyst says the move would mean taxpayers will end up owning houses that Fannie Mae should have unloaded.
A statement from Fannie Mae Vice President Jay Ryan, however, says the program helps "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."
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The government owns government run housing in over 3,000 locations nation wide. All of these public housing units are crime infested, poorly run and hardly stable environments fit for human habitation. The government now wants to take on the grand daddy of all housing projects by owning all these foreclosed properties and renting them to people who have demonstrated little desire or ability to pay. It would be funny if it wasn't so very sad. The government can't even run itself properly as of late and now it wants to run something else into ruin along with it. It is a scary thing to watch a country self destruct.
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Yes is this the one that Barny ignoramus frank and his cronies ruined the economy with and was trying to blame Bush?
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