Posted on 08/10/2011 1:41:45 PM PDT by tpmintx
WASHINGTON (AP) -- The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices.
(Excerpt) Read more at hosted.ap.org ...
And who will manage the upkeep of these homes? Are we going to have yet another CZAR and yet another federal agency now to act in the role of landlord?
I can see it now.
The Department of Low Cost Property Management Projects
No, they won’t pay.....they can’t afford to! I’m sure the State Government of Kalifornia will be immensely happy!
I’m sure these cretins didn’t even give the Department of Housing and Urban Development a single thought....just create a whole damn new agency......Jobs! Union Jobs!!!!!
So we end up with another TSA....real bright.
And THEN, when we discover down the road the new “privatized” department overseeing the property management of these homes has been bundling money for campaigns and getting big deposits of grant money and subsidies for actually doing nothing to the properties at all, nothing, we’ll have a zillowgate investigation.
By the way, thanks for posting this article!
NO
Home viewing bookmark.
just move a Communist into each one to keep an eye on the neighbors.
I hear that, back in 2009, the White House filed a complaint with Fox News. They insisted that Fox News stop playing the Jefferson’s theme every time they did a story on Obama.
Obummer has a trump card that will get past the court. He'll just show them his birth certificate.
Yes, between this and Durbin’s ramblings about doing away with Mortgage Interest Deduction, real estate market is pretty screwed :(
Shut up whitie! Your role in this is to pay 'your fair share'.
The selling of these units is law and the way the process works is law. To not sell according to existing law, Obummer would need to break the law.
whatever they do will be taken to court.
Yep! The coming second real estate crash is really gonna hurt! I can't see it happening any other way. We are living through the most massive destruction of wealth in history.
Where are the articles re the CRA forcing lenders to make
loans to people that CANNOT afford to make the payments??
Butting heads with someone re this article and all I can
find so far is this Wiki article:
http://en.wikipedia.org/wiki/Community_Reinvestment_Act#Relation_to_2008_financial_crisis
“Some economists, politicians and other commentators[105][106] have charged that the CRA contributed in part to the 2008 financial crisis by encouraging banks to make unsafe loans.”
- - - - -
Any help appreciated, thx!
Hey, thanks for the link to Beck!
That went pretty well until this little line:
**President Bush in 2004 launched his down payment initiative which provided assistance to low income families to help them with their initial down payment, which was quickly followed by his zero down payment initiative which eliminated the requirement of a minimum 3% down payment for FHA insured single family mortgages. If you were a first time buyer, zero down. In 2005 Barack Obama said it’s not good enough that the real estate market is prospering for some. Everyone has to be able to get affordable housing.**
But then THIS paragraph follows:
**Barney Frank said no one wants to be called out for racism by opposing any of these requirements. In 2007 Barney Frank went on to say the data showing serious housing discrimination in the granting of mortgages in Boston is very troubling. The serious housing discrimination in Boston is troubling and must be addressed. Same year, Senator Chris Dodd proudly took credit for helping pass a revised Community Reinvestment Act with the help of Reverend Jesse Jackson. Earlier this year Senator John McCain responded to a question by Larry Kudlow. He said, “Absolutely there were people that predicted that the Community Reinvestment Act might lead to reckless and unsound lending practices just short of a fill in the amount of I don’t like to use the word quota, but certain percentages of a home of the bank’s lending practices, it has to be reexamined. It has to be judged by its effect. We need to find out how this particular system affected the overall insolvency of the subprime lending issue and I think I’m not saying it needs to be repealed but it certainly needs to be examined and what its effects have been and we’ll be able to figure that out. Really. As Nancy Pelosi says, along with Harry Reid, that we need to create yet another government agency to handle these situations. That we need another federal agency now to help bail out the people that got these loans because there wasn’t any oversight. I contend it was the politicians that pushed people into this situation. It was the politicians that made this possible, and it was not just the Democrats. It was the Republicans as well.**
What a tangled web we weave. :(
Looking for the “Like” button, but don’t find it here, lol!
Many THANKS, my friend! :)
I don’t go much for this cult of personality thing, where certain people can do no wrong. IF Bush messed up (and he did in this case) then he needs to get called out on it.
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