Posted on 07/14/2009 1:08:38 PM PDT by GreaterSwiss
NEW YORK, July 14 (Reuters) - 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.
Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty.
As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said. (Reporting by Patrick Rucker; Editing by Diane Craft)
(Excerpt) Read more at reuters.com ...
Da, my Komrade. Thees has been tried in the 1960s but our socialist pioneer predecessors made one mistake - they put the poor people in the cinder blocks and let the bourgeois pigs keep their fine homes. THIS time we will put the bourgeois in the projects and let the oppressed worker stay in THEIR houses.
(and the projects will be neat tidy and organized and the fine neighborhoods reduced to crackhouse slums).
It's a hard time and the new normal will not have that much upside. FWIW, if you can get out even you're way ahead of the game. The CA. mkt is toxic. The state is so poorly run jobs and population are leaving and the schools are declining.
Financially the state is a mess and the govt is run by the unions so don't expect any real reform.
“To who? Why Big Brother of course. How many people will freely give up their property to Big Brother in exchange for lower rent payments versus mortgage? Of course, then, when Big Brother becomes your landlord, he is responsible for maintaining your property and putting restrictions on what you can or can’t do there.. and so it goes...”
You forgot to add the bonus. The mortgage company that holds the note, and all associated stockholders will get zip.
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