Freddie Mac to keep borrowers in foreclosed homes

2009 January 31

Mortgage holders will be allowed to stay on as renters.

January 31 2009 - Freddie Mac, the government-sponsored mortgage finance institution, said Friday that it would allow some borrowers whose houses are in foreclosure to remain in their homes as renters.

The new policy’s direct effect will be modest. Freddie Mac has only about 8,500 properties in foreclosure, and many are vacant. Nationwide, various estimates place the number of homes in foreclosure at more than 2 million.

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