The Broader Market

by John Griffith, Alon Cohen, and Jordan Eizenga

The new pilot program by housing finance giant Fannie Mae to convert foreclosed homes into rentals is a promising first step toward revitalizing neighborhoods and stabilizing local housing markets—providing homeowners and renters alike with much-needed help. That said, details are scarce about the new program, which President Barack Obama unveiled yesterday at a speech in Falls Church, Virginia. But so far we are encouraged by the care Fannie Mae is taking in screening potential participants given the impact this program will have in affected communities. (For more, click on the title above)