The government’s program to turn foreclosed Fannie Mae, Freddie Mac and Federal Housing Administration properties into rentals “is here to stay,” according to housing analysts at Morgan Stanley ($19.19 0%). One of the greatest effects of it, the bank’s analysts say, is job creation, with the possibility of creating more than one million jobs in the hard-hit construction and real estate industries. The jobs could be created by private capital without the use of taxpayer dollars. The program’s purpose is to clear the national backlog of distressed housing. “On a macro level, (the ...