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Fannie Mae slams the door on abuses in foreclosure trade

US mortgage giant's crackdown follows complaints of predatory lending practices by rent-to-own businesses
Monday, May 29, 2017 - 05:50

After the housing market collapsed nearly a decade ago, Fannie resold about 400,000 homes to investors, including more than 10,000 to firms that specialise in seller-financed or rent-to-own deals. Some of those homes were sold in bulk transactions at rock-bottom prices.

New York

ONE of the biggest firms in the rent-to-own home business is now on the federal government's do-not-sell list.

Fannie Mae, the government-controlled mortgage finance giant, said on Tuesday that it had stopped selling properties to the firm, Vision Property Management,

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