borrowers who have fallen behind on their mortgage payments avoid eviction by renting

Discussion in 'Wall St. News' started by S2007S, Jul 16, 2009.

  1. S2007S

    S2007S

    Another fantastic plan to keep people who are tens of thousands of dollars behind on their payments become renters in a house now owned by the government. Are they paying for the upkeep, taxes and utilities as well.....

    Another plan to keep the housing market from finding its true bottom.



    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.