Active Rain December 15, 2008

Fannie Mae to Tenants: Don’t Move

Item: Fannie Mae will allow the tenants of foreclosed homes to remain instead of evicting them, effectively making the organization a landlord.

I was afraid of what would happen when the government essentially nationalized the mortgage industry. This is the law of unintended consequences at it’s worst. Doesn’t Fannie Mae have enough headaches? Is the government a good landlord? Just ask the Katrina victims in Louisiana who still live in trailers or anyone in public housing.

They aren’t doing the renters any favors. Mark my words- they’ll be awful landlords and property managers. Worse, they’ll outsource property management to overpaid, unresponsive companies, further wasting our tax dollars and enraging the tenants. I knew that the TARP money would be squandered.  You’ll see.