Dear PENNERS: I sent a letter to the NY TIMES:
asking them to support the RIGHT TO RENT ACT OF 2010. For those who don't know it's a proposed law that would put into effect the Dean Baker/Mark Weisbrot proposal from at least 2 years ago --- namely that the way to keep people in their homes without subsidizing the bankers who made these ridiculous mortgages is to give them the option of renting at fair market rents (the law says for 5 years). The bankers can foreclose but they can't kick you out of your home -- and you can stay there for five years paying market rent (which is almost always way below the ridiculous mortgages you owe on the bubble-inflated house prices). It cures two problems at once --- 1) no one is kicked out of their homes 2) no empty homes to ruin neighborhoods and depress housing prices further. I think we should begin badgering Congress to do this. Mike
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