Less than 10% of homeowners facing foreclosure have benefited from the Obama administration's mortgage modification program, according to a Treasury Department report this month. This plan is the third federal mortgage modification plan in the last two years, but the foreclosure rate continues to skyrocket, with the country now on a path to 2 million foreclosures this year.
It's time to try a new route for helping homeowners. There is a simple alternative: Congress can pass legislation that gives homeowners facing foreclosure the right to stay in their home as renters. This "right to rent" policy would require no taxpayer money, no new bureaucracy and could immediately benefit homeowners facing foreclosure.
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