MORTGAGE TURMOIL ADDS TO RENTAL WOES …………….
Today, investor-owned one-to-four family rental properties account for almost 20% OF ALL
FORECLOSURES. Moreover many of the high-risk home purchase & home refinance loans now
in default are concentrated in low-income & minority communities, so the fallout from foreclosures is hitting the same neighborhoods where many of the nation’s most economically
vulnerable renters live. Some renters on foreclosed properties are hit with sudden EVICTION.
Policy makers need to focus more attention on those rental households severely harmed by the current mortgage market turmoil. The demand for low-rental housing is increasing at the
same time the supply of low-cost rent is declining. Policies that honor the role of rental housing should be addressed as well as homeownership.