SLOW
New Homestead Act of 2008
Proposal:
Enact legislation enabling (not requiring) lenders and state and local laws to allow and keep the current occupants in homes that are go through foreclosure. Foreclosure does not stop. The mortgage is exchanged for a Homesteaders Agreement between the Lender and the Occupant
Who Stays:
Current Occupants
SLOW to FAST
How can Lenders go from SLOW (Silly Lenders Ousting Workers) to FAST (Finally A Sensible Thought)?
Lenders have in recent years helped a lot of people move into houses who can not afford them. They have also helped a lot of speculators buy properties hoping to flip them for a profit after renting them for a while. This unusual fog a mirror finance driven demand drove up prices of homes and slowed down rental rates.
Now they are kicking the occupants out