“As the Obama administration works up its 12,487th plan for keeping underwater homeowners in their homes, New Mexico’s legislation had the courage and good sense to do the obvious: let foreclosed homeowners stay in their home as renters. The New Mexico legislature voted to allow homeowners in houses that sell for less than the median price to remain in their home as renters for at least one year following foreclosure.”
Dean Baker has written this opinion in Truthout.Org proposing an excellent temporary solution to the overwhelming foreclosure crisis that the state of New Mexico has adopted into law, that if adopted by other states, could encourage mortgage companies to work with consumers. I think Mr. Baker has gotten it right and Washington has gotten it wrong. The Obama Administration’s efforts have not worked and are not encouraging mortgage companies to work with consumers. Possibly this law would. It should be tried in more states.
John Rogers, Kentucky Bankruptcy Attorney