Fannie Mae (FNM) rolls out its Deed for Lease program, allowing homeowners facing foreclosure to...

|About: Fannie Mae (FNMA)|By:, SA News Editor

Fannie Mae (FNM) rolls out its Deed for Lease program, allowing homeowners facing foreclosure to deed their property to the lender and stay in their homes as renters. The scheme is only for borrowers who have already missed a mortgage payment, and who aren't eligible for mortgage mods. Fannie's incentive? Buying time for a housing recovery, and preserving the value of its nonperforming assets.