• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

How to Help Homeowners, Without HAMP

The Home Affordable Modification Program, HAMP, continues to sputter, converting 26.7 percent fewer trial modifications into permanent modifications in September than in August.

Although the foreclosure crisis continues, the government programs to help ease it are abating. The HAMP scorecard proudly declares, “Backlog of HAMP trial modifications aged six months or longer falls to fewer than 95,000.” That really means the program will dwindle to its end having helped one-tenth of the 3 to 4 million homeowners the Obama administration said it would help.

Foreclosure and housing remains a major drag on the economy — *the *major drag, save for unemployment, a coupled problem given that the unemployed have much higher rates of foreclosure and foreclosure prevents workers from moving for new jobs.

Yet, the government retains many options to help. One which would cost virtually nothing is right to rent legislation — promoted, again, by the Center for Economic and Policy Research yesterday. The Right to Rent Act, or H.R. 5028, would give homeowners undergoing foreclosure the right to rent their property for up to five years. An independent appraiser would determine fair market-price rent, which the foreclosing bank would collect.

“This would give homeowners an important degree of security, since they could not simply be thrown out on the streets,” Dean Baker and Hye Jin Rho write in the report. “This policy should also benefit neighborhoods in the most hard-hit areas, since they would not have large numbers of vacant homes following foreclosures.”

The report argues that the costs for banks to foreclose are high, both because of the expensive legal proceedings and because foreclosed homes drag down neighborhoods’ real-estate values and sell for less than market price themselves.

And renting would help families remain in their homes, with a substantial reduction in costs. In most cities in the United States, renting is significantly cheaper than paying a mortgage — by $1,586 a month in Los Angeles, and more than $1,000 in New York, San Francisco and other major cities. (The cost differential is less in places like Chicago, and minimal in some cities, like Detroit.)

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.