[BigFinn]

Well, he does own most of the mortgages now... that is on his agenda...

[Rockitz]

Yeah, it’s about time we scrapped that antiquated supply and demand axiom to establish prices. /s

[FortWorthPatriot]

Everyday I hear more and more news of this rapidly developing socialism and it f’ng pisses me the f’ck off that NOBODY who has the authority to do so is challenging it!

[Alberta's Child]

I don't think this is such an outlandish idea, when you consider that the Federal government is basically functioning as the bank of last resort anyway. This type of appraisal will likely be used to establish conditions for government-backed mortgages. Someone who can put up a lot of cash for a home will be in a great position to outbid others . . . and that's a very good thing.

Based on the idiocy we've seen in real estate over the last few years, the government can't do any worse than the banking and real estate appraisal industries have already done.

What if someone wants to sell their home for 50% more than the appraised value? What if a willing buyer can be found at that price?

[Pearls Before Swine]

Sounds bad, but most lenders require an appraisal of the home before they’ll lend, and most homes are financed by mortgages. So I’m not sure what he’s getting at.

There were a lot of fake appraisals so people could get mortgages worth more than the house was really worth and skip, but that ought to be criminally prosecuted under existing fraud laws.

[The Great RJ]

I doubt that proposal would be constitutional.

[Da Coyote]

And this assessment comes from Haavaaad MBAs who’d flunk a simple pre-physics math class?

[Williams]

BINGO! They intend to control all prices and profits.

[spyone]

Good post Comrade.

[GOP Poet]

What the . . .?

[EagleUSA]

In a month, Obama-Pelosi-Reid have ended American capitalism. Today’s demand by Obama that we responsible people pay the mortgages of deadbeats and illegal aliens is a knife in the back of capitalism. All we have to look forward to is Soviet Union-style government and an end to capitalism.
:::::::::::::
They will try and get away with all the Stalinism they can, that the American people allow. It is clearly up to the American citizen to put an end to this takeover of America.

[MrB]

Wow, these bastards are plunging head first into the socialism cesspool, aren’t they?

They must have been emboldened by the election of a Marxist.

But they still have to contend with the states - and they’re starting to rumble & grumble already.

[KarlInOhio]

Would those government appraisers have slowed down the madness in California, Florida, Nevada or Arizona? Nope, not a chance. The bubble was supported by the federales with Fannie and Freddie subsidizing the loans of anyone with a pulse and not keeping the old income and downpayment requirements. All the government will do is skim off some money for the appraisal and gum up the system.

You can't sell the house until your Fedpraisal is done.

---When can I have it done?

March 12.... 2011.

[Iron Munro]

Greedy Governments In Conflict:

Meanwhile some local governments are fighting reduced appraisals on short sales because of the resultant loss of tax revenue.

If a lender forgives $100,000 on a $300,000 mortgage to permit a short sale, some local governments want the sale listed at $300,000 and want the new appraisal based on that value, not the short sale price of $200,000.
That way they can tax the sale and the property at the higher amount.

But that could lead to the $100,000 becoming income for the seller as far as the state and federal governments are concerned.

Greedy governments fighting over the last crumbs.

[little jeremiah]

Why bother with single family homes? Huge dormitories with assigned bunks would be so much better.

[Travis T. OJustice]

Look to KELO for the governments definition of “fair value”.

[metmom]

ping

[metmom]

ping

[ASOC]

The fisrt step to imputed income, and more taxes.

You know, the Cook Islands are looking much better every day....