A legal aid group's threats to sue the mortgage giant, Fannie Mae, has become a deterrent for the company's current modus operandi to evict tenants who have leases in homes that have gone into foreclosure. In an unprecedented move, Fannie Mae has announced that they will allow "bona fide tenants who are current on their rent to remain in their homes under the terms of their lease."This nationwide policy will take effect on January 9, 2009. It is reportedly in line with the requirements that the mortgage company must adhere to after accepting bailout money from the government.
According to the Wall Street Journal, the other bailout-rescued mortgage company- Freddie Mac, has not made a formal announcement stating that they are also complying with the aforementioned policy. However, their spokesperson has said that they are "currently evaluating" their presently implemented eviction policies.
[SIDEBAR: Hats off to the legal aid group that dedicated time to ensuring that the mortgage giant is complying with the law after taking bundles of taxpayers' money. Question: Shouldn't the government be doing what this group of lawyers are doing???]
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