Freddie Mac Announces New Foreclosure Policies

Mortgage finance company Freddie Mac said it will allow some borrowers to rent their homes after losing them to foreclosure. The goal of the new policy, announced Friday, is to prevent properties from being vacant and falling into disrepair. Freddie Mac also said it will allow renters to remain in their homes even if the landlord enters foreclosure. The McLean, Va.-based company has about 8,500 properties in the foreclosure process, but many of those are vacant. Fannie Mae, which announced similar plans this month, said it has stopped about 20,000 foreclosure sales and halted 6,300 evictions of owners or renters this winter.

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