Fannie Mae tests 'short sale' program / Works with renters

Fannie Mae is working with Countrywide to test market a new program in Phoenix, AZ intended to speed up the short sale process. By creating a pre-determined short-sale price even prior to a buyer being identified Fannie Mae is hoping to reduce the logjam typically associated with short sales. On a similar note, Fannie is also working with renters that remain in REO properties after a foreclosure by offering the tenants to pay market rent on a month to month basis. They will not require a security deposit and will also provide financial asssistance if the tenant chooses to move. The rental program is available nationwide.