[Calpernia]

Somehow more. It is a bit convoluted for me to follow fully; but, [in my state] they are buying he foreclosures, then selling them to the state of NJ.

Then the state of NJ rents [or leases?] them back to the owner (that was foreclosed).

So, the non profit (ACORN) isn't stuck holding the mortgage; they flip it to the state.

But, how is the state getting monies to hold the property?

THAT may be where another loop hole was. There was something in this bailout where you earned monies from it per foreclosure held.

So if ACORN has them first, then the state has them; they may be getting paid twice on the same property.

[Liz]

That scam could well involve actions by the sap-happy liberal NJ governor.

Capo Corzine announced he was going to have the state buy the mortgages and cut "loans"...... however, these are probably the same "loans" that the Dept of Community Affairs cut a few years back.

That scheme gave owners some $50,000 for (ahem) home improvements. The owner didn't have to start "payments" on the "loan" for three years.

Now here's the kicker-----the loan was "forgiven" if the homeowner lived in the home for three years.

[cake_crumb]

"But, how is the state getting monies to hold the property?"

Obama promised just the other day to "loan" states money.

Once again there's the question of how they'll pay it back (I can guess: raise taxes)