Posted on 08/31/2011 2:50:19 PM PDT by Todd Kinsey
Over the past three years the Obama administration has been secretly planning the largest redistribution of wealth in history. When President Obama took office, mortgage giants Fannie Mae and Freddie Mac held a staggering $6.1 trillion in subprime mortgages.
If you’ll remember just prior to the 2008 election, President Bush signed the $300 billion Toxic Asset Relief Program better known as TARP. Two of the largest beneficiaries of this were the mortgage companies Fannie Mae and Freddie Mac. The two companies received a combined $169 billion in taxpayer funds.
Upon taking office, the Obama administration gave instructions to the two paper tigers to begin buying up foreclosed homes. Then in May of 2010 the administration quietly gave Fannie Mae an additional $8.5 billion infusion of taxpayer money so they could continue buying up foreclosures. Again no one in the media put two-and-two together, but I predicted at the time, that the Obama administration was planning to turn these assets into government housing.
(Excerpt) Read more at toddkinsey.com ...
Section 8 on steroids?
I think there’s another agenda here Todd. Get Holder’s people from the ghetto to the burbs and then sit back and watch the havoc they create. More chaos to take advantage of.
Figure in $300 a month for electricity, $50 a month for water/sewer charges, and maybe another $100 associated with just owning a home (including insurance on contents) ~ and you have $450 after tax income frittering off each month just to live in the governent owned house.
Rent is still cheaper in those neighborhoods where the Section 8 people who might move into these homes are located.
Assuming most of the properties are suburban, the tenants here would need a car ~
Even with no change in the residents, that is just foreclosing a home and allowing the current owner to rent at below-market rates would create another huge class of people receiving government benefits.
With the expansion in food stamps, Obamacare and so forth the goal of the Left is clearly to get as large a percentage of the American people beholden to the government as possible as a preparatory step to fundamental change.
When I paid off my mortgage it rather surprised me to see that my monthly payment hadn't been eliminated; it was, in effect, reduced to about1/3 of what it had been, that 1/3 being real estate tax and homeowner's insurance. Add in the real estate tax and the number for owning a house about increases another $100/mo. in addition to your numbers.
As government rentals they won’t need property insurance, but tenants might want insurance on the contents, and maybe some liability.
The other thing ~ property tax ~ there won’t be any! GOVERNMENT PROPERTY
So, everyone’s property taxes increase. Or services are forced to be cut. The municipality is forced to request State or Federal help.
What happens to landlords in the town/neighborhood? How can they compete?
It is diabolical and I mean that word in its literal sense.
The problem is a VAST SURPLUS of housing built by Latin American laborers invited by powerful interests to come to the United States to work for below market wages.
The mortgage problems are a SYMPTOM, not a cause.
We have achieved what Stalin only dreamed of ~ SOCIALISM IN ONE COUNTRY!
Now, it's time to get to work and back ourselves out of this early Medieval problem ~ surplus housing on a wide scale last happened during the period of the Black Death. Property values plummeted!
Stalin wrenched his country from Medieval to modern.
zer0 is bent on doing the opposite.
We have a simultaneous surplus of houses and a rise in homelessness. Meanwhile, the administration imports barbarians who will have first call on the surplus housing.
We have our own black death. Is that racist? /s
That left them both devastated and homeless.
Medieval was far better!
While I don’t disagree with your point, there is still a cadre of Stalin lovers in Russia who revere him, especially for his forcible *modernization* of the Motherland.
Come to think of it, we may have a similar cadre here who are pining for a destructive dictator.
We may soon experience Medieval, ourselves.
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