Bookmark this site
- Image via Wikipedia
Federal Reserve Governor Elizabeth Duke said officials should stabilize communities wracked by the housing crisis by promoting the rental of homes owned by financial institutions after undergoing foreclosure.
“It is not sufficient, given current economic conditions and the significant needs of our neighborhoods, to do things the way we have always done them,” Duke said today in a speech at a Fed conference in Washington. “Including rental options among the mix of stabilization strategies makes particular sense at a time of high unemployment.”
The percentage of U.S. mortgages with one overdue payment rose in the second quarter, the first gain in early delinquencies in more than a year, as economic growth slowed and jobless claims increased. Home loans overdue by a month climbed to 3.51 percent, from 3.45 percent in the first quarter, according to an Aug. 26 report from the Washington-based Mortgage Bankers Association.
Read more from Bloomberg
