Losing a Home? Can You Rent it Back from the Bank?

Check out this news release from October 2009 outlining a program outlining how home owners might rent back a home they are losing in foreclosure.

http://www.fanniemae.com/newsreleases/2009/4844.jhtml

The obvious question is "have you heard of anyone actually doing this?"  If this program has existed for almost two years, you would think that the regional real estate community would become aware of someone that has been able to use the program.

http://blogs.wsj.com/developments/2011/08/10/seven-questions-on-foreclosure-to-rental-conversions/

You can see from the article above, there are serious discussions about doing large bulk sales or create new large scale programs with major property managers overseeing government owned homes being rented. 

I am hoping that someone will fill us in on a success story somewhere!  The examples of this from the past were not pretty and anything but considered successful.  Please let us know what you know.  Thanks.