Obama mulls delinquent homeowners renting their homes

Obama lost his mind even considering this nonsense and anyone else in his admin who thinks this is a swell idea.

U.S. government officials are weighing a plan that would let borrowers who have fallen behind on their mortgage payments avoid eviction by renting their homes instead, sources familiar with the administration's thinking said on Tuesday. Under one idea being discussed, delinquent homeowners would surrender ownership of their homes but would continue to live in the property for several years, the sources told Reuters. Officials are also considering whether the government should make mortgage payments on behalf of borrowers who cannot keep up with their home loans, tapping an unused portion of a $50 billion housing aid kitty. As part of this plan, jobless borrowers might receive a housing stipend along with regular unemployment benefits, the sources said.

The other ideas are just as bad.

President Barack Obama is mulling new ways to delay foreclosure for jobless homeowners who are unable to keep up with monthly payments, an administration official said on Monday. The official told Reuters it was reasonable for policymakers to consider options for loan forbearance -- allowing borrowers to delay, defer or skip payments -- that are more effective than those currently available in the private sector.

These ideas would cripple the housing market, allowing bad homeowners to sit on their house while responsible taxpayers pick up their mess with their money. How would homeowners who are doing the responsible right thing in paying for their mortgages feel? What about renters who are dipping into the market because housing prices have gone down? It has gotten way too easy for Obama Admin to think let the taxpayers pay for everyone else's mess in the spread the wealth mentality.

What happens if the rental idea passes and local/state property taxes come around on people who are "renting" their houses? Who pays for those taxes? Everyone else?