Back in May, Southern Arizona Congressman Raúl Grijalva put forth some legislation that would allow foreclosed homeowners to stay in their homes as renters.
The idea went nowhere, fast. But with a Democrat moving into the White House, Grijalva aides said the Tucson Democrat plans to push the legislation again.
The Saving Family Homes Act would apply to people who bought single-family residences and lived in them for at least two years. The homes would also have to have been sold for less than the median home value for the metropolitan area.
Rents would be worked out by a court-appointed appraiser.
Grijalva seems to think the legislation would help people stay put, but it’s unclear how it would address sliding home values and rising delinquencies.
Click here to read Grijalva’s original press release on the bill.
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Wire service headline Friday afternoon:
Lee Enterprises shares tumble on 4Q declines
— Wilma W. Cat 11/14/2008 02:33 PM #