{"id":527786,"date":"2010-04-14T18:01:05","date_gmt":"2010-04-14T22:01:05","guid":{"rendered":"http:\/\/washingtonindependent.com\/?p=82317"},"modified":"2010-04-14T18:01:05","modified_gmt":"2010-04-14T22:01:05","slug":"baker-argues-for-right-to-rent","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/527786","title":{"rendered":"Baker Argues for Right-to-Rent"},"content":{"rendered":"<p>With the Home Affordable Modification Program faltering in its effort to stem the foreclosure crisis, Dean Baker, the co-chair of the Center for Economic and Policy Research, <a href=\"http:\/\/www.cepr.net\/index.php\/publications\/testimony\/successes-and-shortcomings-of-hamp\/\">argues<\/a> for a simple and free way for Congress to aid banks and underwater homeowners.<\/p>\n<p>Testifying before the House Subcommittee on Housing and Community Opportunity, headed by Rep. Maxine Waters (D-Ca.), he says that home values still need to deflate 10 to 20 percent. To ensure that underwater homeowners do not simply walk away from their mortgages, Congress should create a right-to-rent program letting people undergoing foreclosure rent their homes for five or ten years:<span id=\"more-82317\"><\/span><\/p>\n<blockquote>\n<p>[M]ost  homeowners who purchased  their homes near the peak of the market are  unlikely to ever see any equity in their home.  In addition, even they  are likely to be paying more in ownership costs than they would to  rent  a comparable home, even if they were to benefit from a modification and  receive a  lower cost mortgage&#8230;.[An] efficient approach would be Right to  Rent  legislation that would temporarily change the rules on foreclosure  to allow homeowners  to stay in their homes, paying the market rent for  a substantial period of time following  foreclosure. By incentivizing  lenders to negotiate, Right to Rent would immediately  benefit all  homeowners facing foreclosure. Finally, Right to Rent could be  implemented  at no cost to taxpayers and would require no new  bureaucracy.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>With the Home Affordable Modification Program faltering in its effort to stem the foreclosure crisis, Dean Baker, the co-chair of the Center for Economic and Policy Research, argues for a simple and free way for Congress to aid banks and underwater homeowners. Testifying before the House Subcommittee on Housing and Community Opportunity, headed by Rep. [&hellip;]<\/p>\n","protected":false},"author":6662,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-527786","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/527786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/6662"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=527786"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/527786\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=527786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=527786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=527786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}