Obama Administration Considers Rental Option for Defaulting Homeowners – “Own-to-Rent”

According to this Reuters story, the Obama Administration is considering allowing defaulting homeowners to surrender their homes to the government and then just rent back from the tax payers. (BTW, I am a real estate investor, and it’s my understanding that this is ILLEGAL for me to do this.  In other words, I would be an equity stripper, flipper, investor whatever you want to call me for trying to do this even though there is no equity in these homes).  With people struggling to pay their mortgages, the concept of “Rent-to-Own” has increased dramatically.  However, this new program from the government puts a new twist on it…”Own-to-Rent.”   We’re all renters now.
This plan is nothing more than trying to save the banks from imploding.  If you don’t believe, me, read what Denninger noted this weekend with regard to the coming Option Arm problem.  Read more on this issue from the Wall Street Journal.
It appears we are heading down a path where we will all work for the government, live in government housing, travel to work in government made autos, get cared for by beaureacrats in a government run hospital.  I don’t think they have disclosed plans yet to overtake the operations and management of our food sources  yet, but I know restrictions are coming with regard to what you can and cannot eat.