I know of two people that were renting then the bank foreclosed on the home they were renting. The landlord was not paying the mortgage. The lender then approached the tenants if they wanted to continue to rent from the lender. Long-term shallow inventory.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
Read it allTrimming the glut of unsold foreclosed homes on the market is "worth looking at," said Federal Reserve Chairman Ben Bernanke in testimony to Congress last week.