SCHUMER: TREASURY SHOULD CONSIDER LETTING HOMEOWNERS FACING FORECLOSURE STAY IN THEIR HOMES AS RENTERS
Senator Optimistic About Potential Benefits of Proposal Under Consideration By Obama Administration Officials
Schumer Plans To Raise Idea At Senate Hearing Later Today; Will Ask Treasury How Close Decision Is On Moving Forward With Plan and How It Might Work
"This could make sense as a last resort for troubled homeowners who would otherwise lose their homes and find themselves with nowhere to live. A plan like this could reduce the number of vacant properties that put downward pressure on the values of neighboring homes," Schumer said.
Schumer said he would bring the idea up at a Senate Banking Committee hearing scheduled for this morning. Herb Allison, the overseer of the Troubled Asset Relief Program, and an official from the Department of Housing and Urban Development were scheduled to testify. Schumer planned to raise questions about what consideration is being given to such a proposal and how might it work.