Fannie Mae had announced a program to lease homes to borrowers who don't qualify for a modification – the owner must transfer title to Fannie; Fannie will charge "market rent" and will only lease if rent is not >31% of gross income - this program is also available to renters who have been living there as primary residence.

The press release is here.

Fact sheets and more detailed info are at:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0933.pdf

and https://www.efanniemae.com/sf/servicing/d4l/

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