In response to Joe, I don't see how this law changes anything with respect to renters. The law only applies to owner-occupied primary residences. To the extent that there is a second family/individual renting from the current owner (or a third family/individual for that matter) that contract would remain in force if the owner switches to a 5 year rental as per the law.
Landlords who were buying houses on spec and renting out the place who now default will leave renters in the house with the bank now having to make decisions. That is no different under this proposed law as it is now ... Why bankers who foreclose would kick out renters if they're actually paying the rent is beyond me. ANd renters who are behind in their rent have access to tenants rights protections (of course depending on how well they are enforced in a particular locality).
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