In an almost-predictable move, the Obama administration has begun to mull the possibility of buying up homes nearing foreclosure and then renting the homes back to their current occupants.
by Michael Naragon
In a Reuters story on Tuesday, U.S. government officials were said to be considering the rental option, thereby reducing the number of foreclosures. Of course, such a move would also increase the property holdings of the federal government.
Another possibility reportedly being discussed by Obama officials is to offer extra money–in addition to normal unemployment benefits–to those struggling with their mortgages. The administration didn’t comment on whether it would be willing to help those families who currently don’t receive unemployment and are also struggling to make ends meet.
In yet another wealth-redistribution answer to a government-created problem, Obama seeks to take from the rich to give to those who should be renting. On the other hand, this does create a potentially bright future for America’s favorite slum lord, Obama supporter Tony Rezko. A pardon and then… Property Czar, perhaps?
