Bernanke: Fed Should Help Turn Foreclosures Into Rentals

Most of Washington's initiatives to staunch the flow of foreclosures glutting the housing market have been woefully inadequate. (We're looking at you, HAMP, HAFA and HARP). But a new idea put forth by Federal Reserve Chairman Ben Bernanke might actually make a dent in the bank-owned backlog: Allow renters to move into foreclosures.

HousingWire reports that the chairman endorsed the idea in a letter sent Wednesday to ranking members of the House Committee of Financial Services.