More than 85% of the properties included in Fannie Mae's first REO rental pilot program are already teneted, Barclays Capital analysts reported in their latest securitization report. 

With the majority of the properties taken up, the program is set to come through. However, Barclays analysts predict only a modest overall effect on the housing market. This is because of the program's concentration to only certain pockets of the U.S. housing market.

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