...going on today in the Senate Judiciary Committee. Stories of renters coming home from work and finding their belongings on the sidewalk in front of their landlord's foreclosed house, at least what hasn't been stolen. A case of a landlord who rented a place to someone, after he had been foreclosed.
Sadly, Senators are looking forward to getting something done early next year (i.e. Obama Administration). That's all they seem verbally committed to.
Why they don't demand a moratorium, while they "wait"? Qien sabe?
Who bears the cost of time on for this long, long wait? The ongoing price of caustic uncertainty in the markets is huge.
In an uncharitable reading, isn't "waiting" the whole purpose of those who don't want anything done, i.e. waiting for the bulk of the loan resets to pass, so that afterward, they can say, "why do something now, it's too late, at best?".
They also can lose months of rent and their security deposits. They can lose their good credit scores if banks mistakenly list them as defendants in foreclosure cases. And in Chicago's tight rental market, they can lose the roof over their heads, because finding a new apartment often takes longer than the time tenants are given to move out.
Renters have become the collateral damage of the foreclosure crisis.
Read the rest ... this is the land of Bush-Paulson.
Other than that, it's plan the lack of foresight in not mandating reporting and government collection of statistics, last year, at the outset. Today, we are still arguing about who has the best or right numbers ...
