White House Supports Foreclosure Rental Program

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The White House has expressed its support for a proposed bill that would have some banks renting out foreclosed properties.

The idea behind the bill is to stabilize real estate properties by reducing inventory, and keeping up on maintenance of landscaping.

Source:

Rhode Island senator Jack Reed (D) believes that the key to helping the housing market is for the U.S. government to become a landlord. For months now, Reed has been calling on Fannie Mae and Freddie Mac to rent out their massive, 250,000-strong inventory of foreclosed homes in order to “shrink the inventory of government-owned homes” and hopefully, in the process, diminish the glut of foreclosures on the market as well[1].

While the idea is rooted in real world supply and demand principles, we are wondering if you’d really be comfortable with the federal government being your landlord?

Related articles

• A Proposal for Foreclosed Homes: Rent ‘Em Out (moneyland.time.com)
• White House Considering Renting Out 300,000 Foreclosed Homes (huffingtonpost.com)
• White House Seeks Ways to Stem Glut of Foreclosures (businessweek.com)
• You: U.S. Seeks Ideas on Renting Out Foreclosed Property (nytimes.com)
• Seven Questions on Foreclosure-to-Rental Conversions (blogs.wsj.com)