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Obama's gonna pay my mortgage!
"Deed for lease" Program
WASHINGTON — Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.
Continued at above link....
So, let's get this straight. Yet another government band aid? This time, with homes? People will fall for this? Is this bank owned housing? Doesn't look like it to me. Looks more like government owned housing.
Also, since we can't see the fine print, at the end of the 1-year period, do the former homeowners get the option of ever going back to a traditional mortgage? All I can find in the story is "possibility of term renewal or month to month."
Guess O really IS gonna pay that lady's mortgage.
WASHINGTON — Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.
Continued at above link....
So, let's get this straight. Yet another government band aid? This time, with homes? People will fall for this? Is this bank owned housing? Doesn't look like it to me. Looks more like government owned housing.
Also, since we can't see the fine print, at the end of the 1-year period, do the former homeowners get the option of ever going back to a traditional mortgage? All I can find in the story is "possibility of term renewal or month to month."
Guess O really IS gonna pay that lady's mortgage.
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