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 ...
Timmy should call 1-800-CHINA.
“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!
God should figure out a way to spare us from this jackasses agenda before Jan 2013.
Looks like just one more Federal boondoggle to me.
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.
Turning them into Section 8...now THAT will speed things up.
Transparency in action.
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.
Section 8 housing, coming to a neighborhood near you.
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.
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.
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.
Never thought I’d say this, but ‘Thank God for HOAs.’
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.
Say, you sound like someone “in the business”.
Can you confirm or refute the shut down of investment mortgages?
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.
You and me both. We live in the same part of Texas. Think I’ll pay the HOA dues early this year. :)
I have read that Fannie Mae and Freddie Mac foreclosures must be sent, by law.
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.
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.
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