Fed Chief Favors Turning Foreclosures Into Rentals


At a Federal Reserve conference in Washington, D.C., Federal Reserve Governor Elizabeth Duke said that she is in favor of financial institutions promoting the rental of homes undergoing foreclosure to help stabilize communities hit hard by the housing crisis.

According to a Bloomberg report, Duke said that “It is not sufficient to do things the way we have always done them” given current economic conditions, and that a rental option makes sense, particularly at a time of high unemployment.

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