Proposed Bill in Congress Could Crush Housing Industry

Now I've heard it all. I can sympathize with people losing their homes but I think this bills goes too far. Are there no other rentals available? These days it seems that solutions to problems go from one extreme to another. Then again the country has become so polarized that this fits right into these times. What will they think of next?

Is 5 short years long enough for people to make an alternate plan?  I mean, we don't want people ejected onto the streets, right?

Matthew - while this would be one of the final nails in the coffin for the housing market, it appears to be DOA. It has languished in committee for over 5 months and similar bills are dead. It certainly will not come to the floor before the house breaks for elections and, after what looks like Nov. will bring, will probably never see the light of day.

The ideas that float through our legislatures these days make no sense whatsoever. Without any leadership at all the bills that get put up for a vote are an amalgamation of various ideas and no clear thought. This is yet one more. Thanks for bringing it to our attention.

Oh sure . . . they'll [and by 'they'll . . . "they" referring to the mortgage holders] ride out the 5 years, when values come back?!?   The homeowners who whose mortgages were manipulated get to rent -- their own homes!!  The mortgages are then paid by the rents collected.  GEEZ! 

The bill looks dead as has been indicated by Mike Saunders.  Even if it passed, what is the likelihood that a homeowner who can't make mortgage payments will not default on rent payments?  Even if this poorly conceived bill became law, it would benefit nobody.

Everyday, the next revolution gets a little bit closer.

Ween them off private enterprise, a free market system, private property, who needs all that nonsense?! The government will take care of you!

Don't forget to vote for your landlord!

My friends...The lunatics have taken over the asylum.

Matthew, this constitutes another form of usury in my opinion.  If i was a homeowner in that position I am not sure if I would accept.  Think of it this way.  If i have no more title to the property and pay rent for the property, (1) it means the banks themselves don't see the value in the property and don't believe that it will sell, it also means that (2) the banking systems are becoming landlords not just mortgagers, which reminds me of the land-title systems before land-title systems, in the old world, where should you become late with payments you were kicked off the land and all your interests in that land were abolished.  I think these bills would enter a dark period in our real estate history...

Duly Horrified.  More government do gooders can we shout any louder "Nanny State"