Remember the Baker-Samwick proposal which I resuscitated in the Atlantic this month? Well, it seems to have got some traction:
U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration’s thinking said on Tuesday.
Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters.
I’m hopeful. Better late than never!
Trackback
2 comments so far
Sensible just as a route around lots of transactions costs, if it makes sense for the parties involved, although I can’t help thinking of the Fed as the “landlord of last resort.” “rent to own” made sense, why not “own to rent?”
- Posted by bdbdThat’s perfect! The government will own our houses, build our cars, and (soon) employ us all. Utopia is just around the corner.
- Posted by AZ_Cowboy