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 December 18, 2008

Fannie Mae Helps Tenants Affected by Owner Foreclosure
Fannie Mae announced on December 15 that tenants affected by owners who go into foreclosure will be allowed to remain in the homes and avoid eviction.
The new plan involves Fannie Mae signing new short-term leases with rent-paying tenants; giving them time to plan a move while the property is put on the housing market. A stipend will also be available to those tenants who wish to move immediately in lieu of a new lease.

For the time being, a holiday moratorium has been enacted until January 9. This will allow tenants to stay in their rented homes throughout the holiday season regardless of whether they decide to move right away or enter into a new lease with Fannie Mae.