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 ...
“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
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.
Obama Slumlord Ping
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?
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.
Yup, this will be a mondo political payoff as this guy says:
http://confoundedinterest.wordpress.com
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.
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.
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!
If this was happening in my neighborhood, it would be a real shame if that house was burnt to the ground.
true in business but strickly all cash buyer. dont want the bank/government telling me what to do
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
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