Posted on 07/22/2011 9:36:51 AM PDT by driftdiver
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
(Excerpt) Read more at online.wsj.com ...
Sounds like socialism to me.
So good for the real estate market..../s
The list, ping
Let me know if you would like to be on or off the ping list
out of the 10-15 homes closest to mine, there are about 6 empty ones and a couple more which will be empty soon.
I can hardly wait for BO to start selecting the new renters
Nothing about the Constitution/Free Markets/Capitalism has stood in their way so far. Why should this be any different?
“How can the govt force corporate or individual property owners to rent their property? “
The same way they can force you to buy health insurance?
Now what could go wrong with this idea...
Let’s see, probably end up COSTING $3000 a month to rent out a $1000 a month home, knowing how government works
After they set up the bureaucracy, and hire thousands of ‘caseworkers’ - we will end up with one full-time government employee for each person receiving ‘assistance’
Just like Welfare
Looks like a step toward eliminating private ownership.
If they’re forcing them to rent it, that’s definitely socialism. If the problem is that there is no legal basis to allow a home in foreclosure to be rented out, that is another issue. Problem is that if it violated the previous mortgage contract, entire contracts will need to be rewritten, or else the Obama administration would be committing the greatest assault on contract and property rights in American history. I’m betting its the latter.
Housing markets won’t rebound until buyers and sellers know that the people in Washington will respect the sanctity of their contract rights.
Just more delays to allowing housing prices to drop to their honest non-bubble values.
So not only Obama has to try to sell cars, now he’s going to tell us in his SOTU for the virtue of gubmint rental properties?
Fascism to the umpth degree! This isn’t much different from “rent control”. My brother in law had a 3 bedroom apartment for 20 years in Boston (near Harvard) for $300 p/m!! The owner had to suck it up until finally he was able to sell...at a huge loss.
Great so a few dollars could be had at the expense of Thousands in damages!
All part of the Cloward-Piven plan.
The gov't. WON'T force them to rent. Zer0 will use taxpayer $$$ to buy the homes and then rent them at lower than prervailing rates to those he deems worthy of this wealth re-distribution.
Yup, sounds like Cuba. Since most mortgages are government “backed” guess they can do whatever they want. Hell, they told auto executives not to fly, nothing they do would surprise me.
rents will skyrocket if the government is paying for it
Holder’s people.
Not only do foreclosed properties bring down the value of all the homes in a neighborhood, now BO will bring riff-raff to occupy those homes. That will certainly not help the situation for homeowners...but it could buy him some votes in areas where a few more Democrat votes could elect a Democrat Congressman instead of a Republican.
They’ve done such a good job of screwing up the owner-occupied housing market that they want to extend that expertise to the rental market as well.
Oh yeah!.....Slum lord Obama!
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