Renters
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April 2009 Hidden Impact: California Renters in the Foreclosure Crisis March 31, 2009 (PDF) This must-read report describes the hardships endured by California renters in foreclosed properties and proposes solutions. It outlines the typical foreclosure process in California as it relates to renters and describes eleven major impacts of foreclosures on renters to include being evicted without notice, forced to live without utilities, and losing security deposits. Its citation to code sections and strategies to deal with these problems make this a great overview for practitioners on foreclosed tenant rights. April 15, 2009 - Renters Become Unwitting Victims in Condominium Mortgage Scheme San Diego Union Tribune. An individual lined up investors as “straw buyers” to purchase the apartments turned-condos several years ago with the promise to transfer them out of their names and pay them a fee. It seems that the investors still own the units, the mortgages have not been paid, and renters are facing eviction. April 8, 2009 - Guest Blogger Danilo Pelletiere: A Three Step Process for Seeing Renters in the Recovery (National Housing Conference's (NHC) "Open House" blog) The National Low Income Housing Coalition sees that policy makers appear to be moving through three stages, not unlike the stages of grief, as they come to accept the role of rental housing in the recovery and in their communities. April 6, 2009 - California Foreclosures Jeopardize Renters as Banks Seize Homes If the banks collected rent on the foreclosed 81,500 rental units in California last year, they could have received over $1 billion in revenue. Banks and mortgage lenders would rather flood the housing market with vacant properties than act as landlords; banks do not have the staff or infrastructure to handle rental buildings. Bank of America spokes-woman said the company follows Freddie and Fannie policies on their loans. Wells Fargo spokesman referring to a document released on 4-20-08, said the bank deals with renters on a case-by-case basis; it doesn’t have a “summary eviction” policy. April 7, 2009 - Manteca’s homeless: Full-time workers The Manteca Bulletin. Being evicted from foreclosed units is the leading cause of renter homelessness in Manteca. Low-wage workers do not have the savings to afford the security deposit on a new rental, particularly given the short notice that many are given before being evicted. March/April 2009 - Renters In the Crosshairs Read about City Life/Vida Urbana, a Boston-based social-justice organization who scans foreclosure listings and then alerts tenants. They host meetings with people at risk of eviction, provide assistance and advice about negotiating with lenders, and organize demonstrations outside banks. They also work with former owners who hope to renegotiate their loans with the banks and keep renting out their properties. 2009 - “Tenants: Innocent Victims of the Nation’s Foreclosure Crisis.” The Worst of Times: Perspectives on and Solutions for the Subprime Mortgage Crisis. Albany Government Law Review, Vol. II, Issue 1. Albany, NY: Albany Law School. (PDF) This article provides an overview of the way in which foreclosures affects renters. It includes sections analyzing the scope of the problem, tenants’ rights, varying levels of state protection, etc., and is an invaluable overview of the topic.