Property sale guidelines issued to US banks
The Federal Reserve in the US has told banks they need to observe new rules when foreclosed homes are turned into rental properties.
The central bank, in a move to boost failing home prices, has decided that banks making foreclosing on their own properties should meet federal, state and local laws that apply to renting.
Home prices are continuing to fall in the US but rents are rising with greater demand for rentals with people having to move out of their homes due to economic pressures.
With the government recently settling with the biggest mortgage lenders over lending practices, foreclosed home sales have been resuming.
Last week a federal judge approved a $25 billion mortgage settlement with five of the top US banks over allegations of foreclosure abuses.
US District Judge Rosemary Collyer signed the settlements following civil allegations from 49 states and the federal government.
The banks did not admit to the alleged abuses.
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