Sen Schumer: defaulting homeowners could rent home
NEW YORK |
NEW YORK (Reuters) - Senate Banking Committee Democrat Charles Schumer on Thursday endorsed a plan to let homeowners who cannot afford their payments remain in their homes as renters.
"This could make sense as a last resort for troubled homeowners who would otherwise lose their homes and find themselves with nowhere to live," Schumer said in a statement.
On Tuesday, Reuters reported that U.S. officials are weighing a plan to let borrowers who have fallen behind on mortgage payments avoid eviction by renting their home instead.
"This is just one idea among many that has been considered, but no decisions are imminent on the matter," a Treasury spokeswoman said in a statement earlier this week.
(Reporting by Patrick Rucker; Editing by Neil Stempleman)
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