Posted on 08/10/2011 11:14:00 AM PDT by Oldeconomybuyer
WASHINGTON - The Obama administration is looking for new ideas to shrink a glut of foreclosed properties held by mortgage finance giants Fannie Mae and Freddie Mac that are weighing down the housing market and hurting home prices.
A "request for information" the administration is putting out doesn't endorse a particular long-term option to stabilize the housing market. Instead, it asks for input from those with private capital willing to work with the government on buying foreclosures and expanding access to rental properties.
Another approach the White House is eyeing would allow investors to partner with Fannie and Freddie in a joint venture to buy a pool of converted rental homes, with an equitable split between the government entities and investors to reduce losses at the mortgage giants, Fannie and Freddie.
(Excerpt) Read more at finance.yahoo.com ...
Having this clown resign would work immediate wonders for ALL segments of our economy.
The New Enhanced Visa Lottery Program. Win a Green Card, and get a Free House thrown in on the deal!
They might try taking Bawny Fwank and flushing that t*rd back towards his true home.
Looking for new ideas?
Foreclosures?
My crystal ball tells me that Obama will eventually settle on these new ideas:
1) Invest in education
2) Invest in roads and bridges
3) Invest in green technology
These have been his only ideas for the past 4 or 5 years.
He proposed them in order to cut the deficit. Didn't work.
He proposed them to grow the economy. Didn't work.
He proposed them to create jobs. Didn't work.
Housing foreclosures? What the heck, maybe this time it will work!
Well...Idea #1...
Barack’s resignation.
I wouldn’t worry about the foreclosed properties. They’ll be all burned down in the resulting riots a couple days after this Kenyan-born, illegal alien is run out of our White House next year.
I wouldn’t worry about the foreclosed properties. They’ll be all burned down in the resulting riots a couple days after this Kenyan-born, illegal alien is run out of our White House next year.
‘SEEKS ideas?’ I thought that ‘Presidents’ were supposed to walk into the WH WITH ideas!!
I have never made a payment to Fannie or Freddie in my life. Nor have I ever heard of either one of them “foreclosing”. The last bank to own the note gets stuck with it. So how does fannie and freddie “own” these properties? Were the banks paid of by TARP?
If this is going to happen why don’t the big banks do this on the upcoming foreclosures. Tell the people living in the house they don’t own it anymore but they can stay there if they’re willing to pay the current market rental price.
If they can’t sell them, demolish them. Shovel ready job so to speak.
They are not clueless. It’s going according to plan. Read the following. It’s food for thought.
We The Stupid
Ann Barnhardt
Ann Barnhardt is a livestock and grain commodity broker and marketing consultant, American patriot, traditional Catholic, and unwitting counter-revolutionary blogger. She can be reached through her business at www.barnhardt.biz.
I stand here in abject stupefaction. The so-called “right” or “Tea Party” in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . . and they honesty think that they’re “winning.” Really? You call this winning?
- Obama gets over $2 Trillion to spend before the 2012 election
- There are no real spending cuts
- There is a massive tax increase effective January 1, 2013
Obama is going to be handed something in excess of $2 Trillion — and he has made it perfectly clear that he will spend every penny of it before the November 2012 election. That’s why he kept saying, “ . . . so we don’t have to do this again”, meaning raise the debt ceiling again. The debt ceiling would only need to be raised if all of the money had been spent. Therefore, he has stated very clearly that he will spend every penny of any debt ceiling increase. He is going to burn through $2 Trillion-plus in the next sixteen months. This was the Obama regime’s plan from day one. Geithner appeared before Congress in early May and told them this in no uncertain terms. This outcome has been a known quantity all along.
There are no spending cuts in this plan.. It is all accounting fraud. Saying that you are not going to spend money in Afghanistan ten years from now is not spending cuts. Even if you accept the $1 Trillion in cuts over ten years propaganda, that is only $100 Billion per year, which is essentially meaningless relative to the size of the problem. Furthermore, even a miniscule uptick in interest rates, which given the massive debasement of our currency is now a mathematical certainty, will completely consume that $100 Billion per year. It’s all a joke.
Back to the $2 Trillion that Obama is being handed. I honestly think that most people in this country have no understanding of simple counting numbers. Do you not understand how much a trillion is? Where do you think this money is going to come from — who has two trillion dollars to loan us? China? Nope. Not even close. China’s entire GDP is only $6 Trillion. Do you honestly think that China is going to loan us one third of their total annual economic production? China was a huge creditor to us back when $100 Billion was considered a staggeringly large amount of money - which was four years ago. Now $100 Billion is literally a rounding error. Do you realize that there are only a handful of nations of this planet that even have a GDP in excess of $2 Trillion? If these countries loaned us every penny of their GDP, it wouldn’t even be $2 Trillion:
Canada ($1.57 T)
India ($1.54 T)
Russia ($1.46 T)
Are you starting to understand the scope of what we are talking about now? Obama is going to embezzle considerably more than the entire economic output of Canada, India or Russia to his cronies before the 2012 election — and that is just counting this round of spending. This doesn’t include the other $5 Trillion he has already burned through since 2009.
China is not going to lend us this money because they simply don’t have anything close to that much money to lend.. This $2 Trillion is going to come from the Federal Reserve. Where is the Federal Reserve going to get $2 Trillion? They are going to print it out of thin air. We are in the midst of the largest currency debasement ever seen in human history. There is only one result that can come of currency debasement: hyperinflation and total economic and societal collapse.
Have you also forgotten the so-called “Bush tax cuts”? Yeah. Those rates are going to expire on January 1, 2013. Obama will presumably still be occupying the Oval Office at that time assuming that he is not forcibly removed or that the Republic is still intact at that time. Taxes will increase significantly at that point, and the Congressional Budget Office has scored everything put before them given the fact of the massive tax increases on 1/1/2013. Do you understand that? When these Republicans and even these so-called “Tea Party Freshmen” tell you that there are no tax hikes in their “plan,” they are consciously, willfully, knowingly lying to you through their teeth.
Finally, I do not understand how it can possibly be that conservative writers are still addressing Obama as if he is actually trying to help the economy, but his well-intentioned policies are failing.
Obama is the enemy. Obama is a Marxist-Communist usurper and puppet front for a cabal of Marxist-Communists who are actively trying to destroy the United States of America. Everything they have done, are doing, and will do has the single goal of collapsing and destroying the U.S. economy, military, constitutional government and culture. What part of “Marxist Revolution” do you not understand?
The Obama regime is not a failure.. The Obama regime is not incompetent. The Obama regime has achieved more in two and a half years than anyone could have possibly foreseen.. It has debased the currency by 50% of the GDP and guaranteed that our economy will collapse. It has looted the Treasury for more than the size of a top-ten economy and embezzled that wealth into the hands of their fellow Marxists in preparation for the final collapse of the United States. It has ground the economy of the United States to a screeching halt. It has destabilized the entire Muslim world and ensured that there will be a nuclear war centered around Israel within the decade.
The Obama regime has no interest whatsoever in “stimulus” or “getting folks back to work.” How can you not understand this? How can we possibly win this war if we refuse to come to terms with the fact that we are in fact fighting a war.
God save the United States of America, because the people are far too stupid to do it themselves.
There is only a few solutions to the foreclosed property glut:
1. Offer the properties to investors at fire-sale prices until all are gone. *** Warning to libs & leftists: SOMEONE may PROFIT or get RICH. ***
2. Scrape the properties off the land with a ‘dozer, like some banks are doing with their skanky properties. No use letting them eat up money.
Obama’s immediate resignation or suicide..... I have no preference.
Barry could ask his Wealhy Uncle George to pay off everyone’s mortgage...
Barry could ask his wealthy Uncle George to pay off everyone’s mortgage...
Obama owns something like 92,000 foreclosed houses right now. There are more in the mill.
I have trouble imagining the corruption that will ensue when Obama transfers these properties.
It will be cheaper than hiring a bulldozer to demolish these properties.
Obama supporters will trash the properties in weeks free of charge.
He's tried nothing and he's all out of ideas...
The best idea would be for the government to never have been in the business of guaranteeing mortgages in the first place.
They should keep a few of the worse kept foreclosures and use them to house Raines, Gorelick and other other Fannie executive who made a fortune during this fiasco.
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