Okay, this is some self-promotion, but it is also about pushing a serious plan to help millions of people that are losing their home due to foreclosure. Rather than having expensive and complicated mortgage modifications, Congress could just temporarily change the law on foreclosure so that homeowners will have the option to remain in their home as renters paying the market rent. This would both provide security of tenure for homeowners -- they could stay in their home if they wanted -- and it would also provide a powerful incentive for lenders to modify mortgages, since foreclosure would be a much less attractive option.
The Post reports on the discussion of this proposal at a Senate hearing. It notes that not many homeowners took advantage of the offer by Freddie Mac to stay in homes as renters following foreclosure. It is important to point out that Freddie Mac only offered the option to remain as renters on month to month leases. This provided no security to former homeowners. The right to rent proposal would guarantee the right to remain as a tenant for a substantial period of time (e.g. 5-10 years). This is likely to be considerably more valuable to former homeowners.
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