There are a few banks out there, BoA is one, who are offering homeowners money for selling there house for them as well as offering to buy back their house. They will buy them back from the homeowners and forgive the loans, then lease them back to the homeowner for 3-5 years with the option to buy at a lower value than what they are worth provided the homeowner is earning income. This will help homeowners that are currently in trouble but will also reduce the market when it comes to available properties.
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it's been going on
the banks have been doing this for a while now... they lease the properties to homeowners at market rental rate, provided the homeowners have (and can prove) a steady income; this is not done to help homeowners, it helps the banks not have to deal with vacant, distressed properties.
Once the lease expires, if the tenants don't qualify for a loan, they will be in the same predicament they are in now... if not worse.
It helps the banks of course
It helps the banks of course but it also keeps homeowners out of foreclosure if they qualify, this in turn helps their credit score down the road. If they cannot buy the property, then they leave and have to find another place to rent. I have not heard of banks doing it until recently, especially BoA, and laws were trying to pushed through to keep this from happening.
Repairs??
I wonder how banks are going to cope with repairs? It should be fun and the banks have no idea what they are getting themselves into! Lol