The – oh my gosh – 700 billion dollar – Emergency Economic Stabilization Act – the bailout bill – which passed in October requires Fannie Mae, and other government associated organizations including Freddie Mac, to allow tenants residing in foreclosed properties who continued to pay their rent and who have a valid lease to remain in their homes – “where permissible.” However, despite this requirement Fannie Mae has continued to evict tenants who are paying their rent and who have valid leases.

CNNMoney.com reported that Fannie Mae will implement a policy in January 2009 which will finally comply with the requirements of the Act. This announcement followed New Haven Legal Assistance Associations accusation that the company was not allowing renters in good standing to stay in foreclosed properties.

Um – maybe it’s me, but if Fannie Mae is not abiding by the law, then isn’t the company breaking the law? Has our government gone completely wacky? Why aren’t I reading about some sort of an inquiry or something?

Doesn’t the whole thing make you wonder just how incompetent one must be to screw up the requirements of a multibillion dollar handout? I mean come on ….do you think that if someone handed you a million dollar check with a list of rules to follow, that you would take a minute to read them over and then to follow them.

DUH!