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Boston close to passing Real Estate Directive 10-289

04/25/08
It's for the public good!

Boston is trying to stop the damage done by the sub-prime housing crisis by passing a new foreclosure relief law. It states that any bank that forecloses on a house that has renters in it has to continue renting until they sell the house or the directive expires. You could make some arguements against this but overall, that's not a bad idea. Protecting good renters from being kicked out because their landlords suck is OK, I guess. But check out THIS part:

"However, the measure would also cover individual homeowners who fell behind on their own mortgages."

Ruh, roh! It looks like this bill would allow anyone in Boston who can't really afford to pay their mortgage to let the bank foreclose, become a renter, and then not pay their rent. Wait, what? It is RIDICULOUSLY difficult to evict a renter in Massachusetts.

For those of you who have read Ayn Rand's Atlas Shrugged, see if these quotes from Michael Ross sound anything like Wesley Mouch:

“The United States is facing a national housing emergency (and) the City of Boston is facing a serious public emergency in regards to foreclosures,”

“Lenders have an obligation to fix what’s going on... They’ve crippled the American economy.”
Category: Massachusetts
Posted by: sleze