The FHA will not participate in a REO-to-rental program similar to what Fannie Mae is doing,...

|By:, SA News Editor

The FHA will not participate in a REO-to-rental program similar to what Fannie Mae is doing, says commissioner Carol Galante. A better solution to working through the 700K delinquent mortgages on the FHA books, she says, is to sell the paper. The aim is to offload 10K mortgages per quarter (by our math, that's 70 quarters to clear things out).