BofA: Families facing foreclosure can rent
http://money.cnn.com/2012/03/23/real_estate/bofa-mortgages-foreclosures/index.htm?hpt=hp_t3
The first thing I feel obligated to state is “why the hell is this only just now being considered?”. While I expect wide spread engagement in this approach will go a very very long way to smoothing out our rough housing road (simply absolving people of crippling debt (what bankruptcy is supposed to do, but forces people out on the street) opens up options for them which creates vastly increased potential for society to begin its recovery from the Great Recession (which really should have been called a depression, but hasn’t been for political reasons)), I am worried that investors will once again get bilked by BofA packing crap properties and pawning them off to investors. BofA (among many, many others) has a very extensive track record of ripping people off, so my first reaction to this is deep skepticism. If it is honest (which is where I am having the problem) then I think, if it catches on, it will be a great thing.
