Representative Gary Miller (R-CA) introduced H.R. 2636, the Neighborhood Preservation Act of 2011, on July 25. The legislation would authorize banks, and government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, to lease foreclosed properties for up to five years. The measure’s intent is to reduce the number of homes entering the housing market during the current economic downturn in order to stabilize home values and restore confidence in the housing market.
The measure has three original cosponsors: Committee on Financial Services Chair Spencer Bachus (R-AL), Ranking Member Barney Frank (D-MA), and Representative Carolyn McCarthy (D-NY), and has been referred to the House Committee on Financial Services.