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Government Considers Ways to Rent Foreclosed Homes...
Wall Street Journal ^ | 7/21/11 | NICK TIMIRAOS

Posted on 07/22/2011 11:40:47 AM PDT by null and void

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.

While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.

Trimming the glut of unsold foreclosed homes on the market is "worth looking at," said Federal Reserve Chairman Ben Bernanke in testimony to Congress last week. Nationally, home prices in May were ...

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: bernanke; foreclosures; housing; obamanomics
Meet the new landlord...

(with preferences given to who, hmmmm?)

1 posted on 07/22/2011 11:40:49 AM PDT by null and void
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To: null and void

The only thing that’s going to save us is a good-sized asteroid hitting smack dab on DC.


2 posted on 07/22/2011 11:44:47 AM PDT by AmusedBystander (The philosophy of the school room in one generation will be the philosophy of government in the next)
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To: null and void

If the gov’t is paying the rent.... rental prices will be skyrocketing.


3 posted on 07/22/2011 11:46:37 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: null and void

Great. (sarcasm)

Now they will turn foreclosed homes into Section 8 housing.

Now we will see encroachment of undesirable elements into places they otherwise couldn’t live.

Great plan. (more sarcasm)


4 posted on 07/22/2011 11:47:50 AM PDT by Dilbert San Diego
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To: null and void

This has been my theory all along, a Government property grab of private property, used for “helping those in need” as determined by bureaucrats.

This is merely an erosion of private property rights and a land grab to allow government to enter neighborhoods and hold court.

$2,000,000 foreclosure, how about 12 Pakistani “refugees” or 10 illegal immigrants with one anchor baby to “keep things fair.”

There is nothing this Adminstration will not due to pander, lie and destoy our nation as we know it.


5 posted on 07/22/2011 11:48:00 AM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: null and void

who woulda ever thought that the u.s.a. would be dominated by

policies of the soviet union?


6 posted on 07/22/2011 11:49:15 AM PDT by ken21 (liberal + rino progressive media hate palin, bachman, cain...)
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To: null and void

What could possibly go wrong? Ok, so the home owners couldn’t afford to keep their homes. People are out of jobs. But along comes the government to the rescue paid for on the above ex-homeowners’ and the umemployed’s dime. So, now they’re going to rent these homes back to whom? But then renters have more rights than homeowners. Renters can put down the first and last months’ rent and then not pay another penny and sit it out for what, a year before they get kicked out? And who’s $$$ will be used for all the lawyers and courts to get them kicked out? Huh? Oh, yeah, yours and mine.


7 posted on 07/22/2011 11:50:55 AM PDT by bgill
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To: wac3rd

And yet we allow him to stay in office, with all his regulators.


8 posted on 07/22/2011 11:52:18 AM PDT by RC2
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To: Dilbert San Diego
Now they will turn foreclosed homes into Section 8 housing.

And that my friends, is how you kill the suburbs.

9 posted on 07/22/2011 11:52:18 AM PDT by Drill Thrawl (How close is the tipping point?)
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To: wac3rd

If we see Section 8 housing in nice suburban single family home neighborhoods, and if too many are in an area, couldn’t that cause property values to slide further? Isn’t it quite possible that there will be unintended consequences to this policy??????


10 posted on 07/22/2011 11:52:49 AM PDT by Dilbert San Diego
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To: null and void

I’d rather have an abandoned home sitting in my neighborhood than one rented out to secion 8 by the government!Atleast when it is empty the neighbors can mow the yard and keep it looking ok,


11 posted on 07/22/2011 11:55:54 AM PDT by chris_bdba
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To: Dilbert San Diego
"If we see Section 8 housing in nice suburban single family home neighborhoods, and if too many are in an area, couldn’t that cause property values to slide further? Isn’t it quite possible that there will be unintended consequences to this policy??????"

Also, this will put the government in more direct competition with small, rental housing property owners. Will the government drive the rent up or down?

12 posted on 07/22/2011 11:58:03 AM PDT by Truth29
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To: Dilbert San Diego

Each, according to his need.


13 posted on 07/22/2011 11:58:07 AM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: null and void

So much for being in a HOA neighborhood where decent standards are met.

I can just see the renters that the government will pick being told they have to follow the neighborhood rules and pay their dues on time.

What a fuster cluck this is going to be if they go through with it...


14 posted on 07/22/2011 12:00:10 PM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: Dilbert San Diego

The unintended consequence is that the government ends up owning all the homes. Which is the intended purpose.

It’s a bank bailout + vote buying. Taxpayers fund both while the treasury and politicians get the rent.


15 posted on 07/22/2011 12:04:37 PM PDT by Justa
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To: RC2

What options do we have as citizens?

Soros owns the media and the rest of Hollywood/Media are also ideologically aligned with Obama/Communism.

Most people happy as clams with a few bucks in the bank and a (enter government social program) check auto-deposited for them.

No one except a few GOP stalwarts even stand up to Obama, and when they do, the media does one of two things:

1) Ignores it
2) Demonizes them for (enter grievance)

Let’s be real, Lindsay Graham, Olympia Snowe, Susan Collins and Lisa Murkowski are in the Republican Party.

It’s dire, and getting worse.


16 posted on 07/22/2011 12:06:13 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: null and void

The administration will fill the houses in conservative districts with Somali’s, Mexicans and any other group which will vote to turn election results to the left.


17 posted on 07/22/2011 12:06:26 PM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Dilbert San Diego
Now they will turn foreclosed homes into Section 8 housing.

Which is exactly what has been planned all along. Bank on it. And it won't be the little 1200 sq ft homes available; it will be the ones that are 2000 plus all going to Holder's peeps and Obama's muslims.

18 posted on 07/22/2011 12:07:21 PM PDT by Outlaw Woman
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To: null and void

I’ve said all along the government would become a landlord. The government owns all those Fannie and Freddie houses since they were given billions. Is this a partial implementation of AGENDA 21? Was the mortgage meltdown planned? Is this why they keep making mortgages harder and harder to obtain?

If the government starts renting houses it will be in direct competition with all who try to rent their properties. They won’t be able to compete and those homes will go into foreclosure and the government will end up owning more property. This crap must be planned.


19 posted on 07/22/2011 12:08:38 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: Drill Thrawl

...which is the goal of the Marxists...only Party Members and Bureaucrats (DC, NYC and Hollywood) will enjoy their Nomenklatura status...

The rest of us will be saddled with taxes, regulation and global warming rules that will make most of us wards of the state without a vibrant private sector.

The goals are clear. Obama wants us like the USSR, it’s painfully obvious.


20 posted on 07/22/2011 12:09:22 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: null and void

When the mortgage crisis started heating up, I figured this would be how the banks would end up getting the property off the books without showing a loss. The Gov’t takes the property and pays off the remaining mortgage. New source of Sec 8 homes, already well integrated into various communities. HUD becomes the new landlord.

I was hoping I was being way too paranoid, I guess not.


21 posted on 07/22/2011 12:14:01 PM PDT by wrench
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To: Dilbert San Diego

UNINTENDED consequences?


22 posted on 07/22/2011 12:18:03 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: wrench

So, Bwany Fwank and the CommieDems easing mortgage standards was a pre-made plan to ensure there were foreclosures...which, eventually would become Government property and thus new Section 8 housing.

It will crush suburbs (look at the Central Valley of CA now) and will move dependent, non-paying Democratic voters into normally Red or Purple neighborhoods.

It will grow crime and government, plus add more Democratic voters....tied with no enforcement from DHS/ICE and their catch and release protcols...it’s Cloward and Piven, to a T.


23 posted on 07/22/2011 12:20:32 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: wac3rd

Actually, it was good ole Billy Boy Clinton that started this ball rolling down hill. Course, he had lots of Dems helping and cheering him on.


24 posted on 07/22/2011 12:33:24 PM PDT by wrench
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To: All

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25 posted on 07/22/2011 12:33:59 PM PDT by DeoVindiceSicSemperTyrannis (Want to make $$$? It's easy! Use FR as a platform to pimp your blog for hits!!!)
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To: Dilbert San Diego

You’re on to something. Rents will go down due to excess supply. Time to bail now on residential REITs if anyone still has one.


26 posted on 07/22/2011 1:13:06 PM PDT by Phillipian (Post Tenebras Lux)
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To: null and void

What a great idea!
Zer0 must have been reading Dr. Zhivago and was jealous that the solviets were able to take over homes considered too large, and convert them into apartments for the poor, who proceeded to totally destroy everything.

Great communist idea, Marx would be proud of Zero.


27 posted on 07/22/2011 1:21:52 PM PDT by Noob1999
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To: null and void

I’m sure there is a private-sector company, or one could be formed, that could buy up homes and rent them out as managed properties.

The government needs to stay the hell out.


28 posted on 07/22/2011 2:36:31 PM PDT by fightinJAG (Please stop posting "helpful hints" in parentheses the title box. Thank you.)
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To: fightinJAG
Of course, government regulation makes it almost impossible for private-sector corporations to buy foreclosures and rent them out as managed corporate properties:

I have asked several mortgage brokers about lending the money to my corporation to buy the property but none will do it.

Government as landlord v. private sector investors

29 posted on 07/22/2011 2:45:35 PM PDT by fightinJAG (Please stop posting "helpful hints" in parentheses the title box. Thank you.)
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To: null and void

Once again looking for ways to deceive the people about housing figures.


30 posted on 07/22/2011 5:48:05 PM PDT by CynicalBear
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