It looks as if Renters DO have rights after all, well, at least they do now! According to CNNMoney, Fannie Mae is willing to sign close to 4,000 new leases for tenants living in foreclosed homes that are looking at eviction notices. All the details are not being announced at this time, however a new policy is planned to take effect the second week of January, 2009.

Of course, this was not done out of the kindness of ol Fannie's heart! All federal entities, including Fannie Mae, were required to handle this months ago, when the Emergency Economic Stabilization Act passed back in October of 2008. Fannie Mae didn't announce this change until the New Haven Legal Assistance Association cornered the company, after tens of thousands of multi-unit homes foreclosed this year leaving many tenants, that have paid their rent on time and lived up to their obligations, looking for a new place to live. Many of these tenants were re-located after the new law had passed in October.

Freddie Mac, JP Morgan, Citibank and Bank of America have not announced any new plans to look after responsible tenants yet, but maybe Fannie Mae has set some form of precedence.