The Gains from Right to Rent – Center for Economic and Policy Research, 2009
Posted by: admin / Category: US Real EstateThough Congress and Presidents Bush and Obama put forth several different mortgage modification programs, the rate of foreclosures has continued to rise over the past two years. It is clear that the vast majority of people facing foreclosure are not benefiting from these programs.
The limited impact of mortgage modification plans has increased interest in alternative policies to help homeowners facing foreclosure. One obvious alternative is “Right to Rent” legislation that would give homeowners facing foreclosure the option to remain in their homes as tenants paying the market rent for a substantial period of time (e.g. five to ten years).
Tags: center for economic and policy research, cepr, congress, dean baker, department of housing and urban development, fair market rent, Foreclosures, homeownership, hud, hye jin rho, lenders, market rent, mortgage modification programs, president bush, president obama, right to rent legislation
