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U.S. moves to sell, rent 92,000 foreclosures Administration looks for buyers for U.S.-owned REOs
Market Watch ^ | 081011 | Ronald D. Orol

Posted on 08/10/2011 2:13:26 PM PDT by Fred

WASHINGTON (MarketWatch) — Struggling to clear its inventory of foreclosed properties, the Obama administration said Wednesday it’s looking for investor ideas for converting more than 92,000 foreclosed properties owned by the U.S. government into rental units, a sign of the depths to which the U.S. housing market has sunk.

“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability,” Treasury Secretary Timothy Geithner said in a statement.

The Obama administration is working with the Federal Housing Finance Agency, the regulator for government-seized housing giants Fannie Mae and Freddie Mac, to come up with new options for selling single-family foreclosed properties owned by the two mortgage giants to buyers that would rent out the properties.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Extended News; Politics/Elections
KEYWORDS: acorn; bac; barackalypsenow; barneyfrank; bhoeconomy; centralplanning; commies; communityorganizer; democrats; economy; fannie; fha; freddie; ghettohoods; hopeychangey; housing; obama; obamadepression; obamageddon; porkulus; section8; slumlords; southsideofchicago; thenewghetto; toobigtofail
Barney Frank's dream comes true. I expect ACORN to get first pick...
1 posted on 08/10/2011 2:13:32 PM PDT by Fred
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To: Fred

Timmy should call 1-800-CHINA.


2 posted on 08/10/2011 2:15:27 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Fred

“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets and support neighborhood and home-price stability,” Treasury Secretary Timothy Geithner said in a statement.”

Hahahaha...rent them on the cheap to the people who couldn’t afford them and then try to collect. SUCKER!


3 posted on 08/10/2011 2:16:17 PM PDT by jessduntno (When you want to rob Peter to pay Paul, you'll always have the support of Paul.)
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To: Fred

God should figure out a way to spare us from this jackasses agenda before Jan 2013.


4 posted on 08/10/2011 2:16:37 PM PDT by vicar7
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To: Fred

Looks like just one more Federal boondoggle to me.


5 posted on 08/10/2011 2:16:43 PM PDT by mort56
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To: Fred

We can fill out form after form, mistakenly checking “African American” and “Less than $22,000 per year”.

I’ll have 4 vacation homes, and a home in every business city in the country within 4 months.


6 posted on 08/10/2011 2:19:13 PM PDT by Celerity
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To: Fred
Having these houses sit empty while neighborhoods decline is just too slow for their purposes.

Turning them into Section 8...now THAT will speed things up.

Transparency in action.

7 posted on 08/10/2011 2:19:32 PM PDT by diogenes ghost
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To: mort56

This is bad news for everyone trying to sell a house, and everyone trying to preserve their neighborhood from low-lifes. I predict more hoodies in respectable neighborhoods, plus a rise in the number of chickens and goats feeding on front lawns.


8 posted on 08/10/2011 2:21:01 PM PDT by LifePath
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To: Fred

Section 8 housing, coming to a neighborhood near you.


9 posted on 08/10/2011 2:21:37 PM PDT by wbill
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To: Fred

Good! Now we can be like England and have the government own land and houses for the “proles.”

We will now have “Council houses” just like good ole socialist England. Next, we will call our employers “governor” and drink tea.

I always said that would happen here in America eventually and it seems like it has come home to roost.

I just can’t wait for my neighborhood to become a slum full of “renters” along with their Mexican illegal relatives.

Improve real estate values? I can’t see that happening. I would rather they burn them to the ground rather than fill them with human trash.


10 posted on 08/10/2011 2:21:56 PM PDT by DH
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To: jessduntno

They want to sell the houses at inflated prices with a deadbeat tenant used to not paying anything for housing. No way forget it. I’ll buy the properties that make economic sense and find my own tenant. when will these people face reality. when it kicks them in the butt.


11 posted on 08/10/2011 2:22:03 PM PDT by tomd2
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To: jessduntno

They will be gov’t subsidized rentals.

Now, combine this with what I heard last week - that bank regulators have absolutely shut down any mortgages for real estate investors,

and you’ll see that they’ve shut anyone with money out of buying these properties, while they come out with this rental plan.

It’s a government (communist) takeover of the housing market.


12 posted on 08/10/2011 2:22:03 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: LifePath

Never thought I’d say this, but ‘Thank God for HOAs.’


13 posted on 08/10/2011 2:22:43 PM PDT by dfwgator
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To: Fred

They should give it away in a lottery.

Every $1 in taxes you paid last year gives you one chance in the lottery. So if you paid $100 in taxes, you get 100 chances; $10,000 = 10,000 chances. $0 = zero chances.

Since the taxpayers paid for it, it seems fair the taxpayers should get a shot at it.


14 posted on 08/10/2011 2:22:48 PM PDT by Brookhaven (Herman Cain knows computers, math, missiles, banking, burgers, pizza, gospel music, & Coca-Cola)
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To: tomd2

Say, you sound like someone “in the business”.
Can you confirm or refute the shut down of investment mortgages?


15 posted on 08/10/2011 2:24:24 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: dfwgator
Never thought I’d say this, but ‘Thank God for HOAs.’

Nah, what will happen is if the HOA has a problem with the section 8 renter, the gov't will step in and overrule the HOA.

16 posted on 08/10/2011 2:25:39 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: dfwgator

You and me both. We live in the same part of Texas. Think I’ll pay the HOA dues early this year. :)


17 posted on 08/10/2011 2:28:27 PM PDT by LifePath
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To: Fred

I have read that Fannie Mae and Freddie Mac foreclosures must be sent, by law.


18 posted on 08/10/2011 2:38:29 PM PDT by MortMan (What disease did cured ham used to have?)
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To: MrB

Just an observation....but from all the houses in the US that are sitting empty and in this potential situation....there are another equal amount which are borderline with folks who overpaid and are forcing themselves to just continue on and hope for some recovery within two or three years. If this moves forward...I would expect that these people with a tea cup of hope...will finally give up and then dump their homes...so they can live in them comfortably as renters. Bluntly, we will actually have double the number of rent-potential homes.

We might all stand back and think about this...if it’s really a wise idea.


19 posted on 08/10/2011 2:41:37 PM PDT by pepsionice
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To: LifePath

Ummm ...I have neighbors in my very respectable (for now) exurban neighborhood raising chickens in their BACK yard. No roosters, though, so you wouldn’t know it except for the fresh eggs they bring over to swap for veggies from our garden. Very pastoral.


20 posted on 08/10/2011 2:42:02 PM PDT by tgusa (Gun control: deep breath, sight alignment, squeeze the trigger......)
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To: Fred

“Rent” today. Signed over for free tomorrow.

Don’t bother to apply unless you are one of Obama’s “least among us”, or one of Holder’s people


21 posted on 08/10/2011 2:42:33 PM PDT by Iron Munro (One Trillion seconds = 31,709.79 YEARS / One Trillion dollars = Obama's small change)
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To: dfwgator
“Never thought I’d say this, but ‘Thank God for HOAs.’”

Good point. Condo HOA’s in particular can limit owners from renting units.
Us lenders have have the HOA approved with with Fannie, Freddie, FHA or VA depending on the loan being used.
Some associations are in tough shape and can't be approved. Having too many units rented is one negative.

22 posted on 08/10/2011 2:45:22 PM PDT by HereInTheHeartland (I love how the FR spellchecker doesn't recognize the word "Obama")
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To: Fred; sickoflibs

Obama Slumlord Ping


23 posted on 08/10/2011 2:47:57 PM PDT by Fred ('Just cus I said it, don't mean I meant it'..An Obamaism)
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To: pepsionice

You might have something there.

Another thought I had was, how many new government agencies and government employees do you suppose will be established/hired in order to administer this renting of foreclosures deal? What kind of mandates will be coming from the government, that will then override the local and HOA rules and laws, lowering the standards and property values for thousands of additional neighborhoods?


24 posted on 08/10/2011 2:48:41 PM PDT by NEMDF
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To: tgusa

My experience was a little different.

When I was in my previous home, the place next door went Section 8. In quick succession the house (which was larger than mine) had a Mexican family move in. Soon I discovered that all of their kids were on the free-lunch program (and his house is bigger than mine? How does that work???)

Next, Mom and Dad are smoking pot sitting in the front lawn. Next, there are six cars parked in the driveway, two with flat tires and all with Mexican license plates. At this point, there are 15+ people living in the place.

The final straw: goats and chickens. We got the hell out. That once nice neighborhood (in the 90’s) is now a barrio. Welcome to the future.


25 posted on 08/10/2011 2:52:23 PM PDT by LifePath
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To: mort56

Yup, this will be a mondo political payoff as this guy says:

http://confoundedinterest.wordpress.com


26 posted on 08/10/2011 3:00:08 PM PDT by whitedog57
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To: jessduntno

The ‘renter’ will be making the monthly payment with his or her’s welfare check or housing assistance funds.

As usual, we the people, will be picking up the tap and getting another of a long line of crap sandwiches shoved down our throats.

This latest scheme from, the community organizer in chief, Obama, is a big part of his re-election campaign.


27 posted on 08/10/2011 3:01:11 PM PDT by Fred ('Just cus I said it, don't mean I meant it'..An Obamaism)
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To: mort56

Regarding these previously mortgaged homes, probably in Mortgage backed securities, sub-prime and toxic, can they be assumed to have no chain of title (no title, note or county property registrations and tax receipts paid papers)securities for laundering via govt to the public?

Should one think of them legally as “non-property or fiat mortgages now”. If so, these securities cannot be exposed by normal Mark to Market measures, thus exposing the real reduced value of the mortgages as Mortgage backed securities, their current instrumental form.

So is the govt is repackaging them with a new face (REITS) and potentially asking private investors (pensions?)to assume renamed, govt. cleansed, toxic mortgage bundles by this maneuver? This seems a real possibility.


28 posted on 08/10/2011 3:49:58 PM PDT by givemELL (Does Taiwan eet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: jessduntno

It’s easy to kick out a home owner, but renters have rights out the wazoo. Cool, free rent and no one to tell them they can’t trash it out!


29 posted on 08/10/2011 3:50:57 PM PDT by bgill
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To: Fred

If this was happening in my neighborhood, it would be a real shame if that house was burnt to the ground.


30 posted on 08/10/2011 4:12:59 PM PDT by txroadhawg ("To compare Congress to drunken sailors is an insult to drunken sailors." Ronald Reagan)
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To: MrB

true in business but strickly all cash buyer. dont want the bank/government telling me what to do


31 posted on 08/10/2011 6:47:56 PM PDT by tomd2
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To: txroadhawg

Times like this I am glad I live in a predominately Mormon neighborhood a block away from a Mormon Mega Church.

No where near the amount of foreclosures in my neighborhood than there are in the surrounding neighborhood. So this “program” shouldn’t have the same effect on my neighborhood.

I just don’t answer my door when there are people in clean white shirts and backpacks ring my doorbell on the weekend. Heck since the neighborhood is already mostly Mormon they don’t even feel the need to “preach to the choir” so it has been months since any visit... LOL


32 posted on 08/11/2011 6:34:21 AM PDT by GraceG
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