Obama backs effort to boost rental market

08/17/2009 | Boston Globe (tiered subscription model), The

The Obama administration plans to use $4.25 billion of stimulus funds to spur the rental market, a significant departure from former President George W. Bush's vision of an "ownership society." The move is a practical response to the economic crisis, the credit crunch and soaring foreclosure rates, as well as an ideological shift. "I've always said the American dream should be a home -- not homeownership," said Rep. Barney Frank, chairman of the House Financial Services Committee.

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Boston Globe (tiered subscription model), The