Fannie Mae’s recent dip into testing the single-family rental market in an agreement to fund up to $1 billion of collateral owned by Invitation Homes has caught the industry’s attention, and not necessarily in a good way. This is the first time the GSE has financed a large institutional single-family rental home investor. The Dallas-based company is a subsidiary of The Blackstone Group and has about 50,000 homes in its portfolio that it acquired from foreclosure auctions. However, some are now accusing Fannie of mission creep. The National Community Stabilization Trust President Robert Grossinger said, “I am perplexed to see Fannie Mae place a taxpayer guarantee behind the same private interests whose risky practices led to...