The Right to Rent

From Greg Kaufmann at The Nation, a simple, no-cost way to stop the tsunami of foreclosures that are undermining the economy:

RIGHT TO RENT: The Obama administration's attempt to bribe, cajole or beg the banks to modify mortgages isn't working. There were 367,056 foreclosure filings in March, a monthly record. In the first three months of the year, the safest borrowers accounted for nearly 37 percent of new foreclosures. That's why the Right to Rent Act, introduced by Democratic Representatives Raúl Grijalva and Marcy Kaptur, is so timely. It would allow a family that receives a foreclosure notice to remain in their home as renters under a five-year lease, paying a fair-market monthly rent.

The proposal was first suggested by progressive economist Dean Baker and has been endorsed by experts across the political spectrum.

"We have asked time and again for banks to work with the American people to do loan workouts," Kaptur says. "With nearly 6 million people delinquent on their mortgages and at risk of foreclosure, we can no longer afford for banks to continue turning their backs on the American people."

"The administration's approach is simply an insufficient response to this historic crisis," says Grijalva. "Right to Rent is a fair and sensible solution. Banks will get reliable rental income, and families will be able to stay in their homes and significantly lower their monthly housing costs."

Call or email your members of Congress here, and tell them to support the Right to Rent bill.