Remember the last time Obama got involved with rental properties?...
Posted on 08/10/2011 11:20:41 AM PDT by Red Badger
The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices.
The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration. All of the homes are foreclosures.
The U.S. government rescued the two mortgage giants in September 2008 and has funded them since the financial crisis. Fannie and Freddie own or guarantee about half of the nation's mortgages and nearly all new mortgages.
Converting the homes into rentals may reduce "credit losses and help stabilize neighborhoods and home values," said Edward DeMarco, acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
Homes in foreclosure sell at a 20 percent discount on average, which can hurt prices of surrounding homes.
It also might meet the growing demand for rentals. Since the housing meltdown, nearly 3 million households have become renters. At least 3 million more are expected by 2015, according to census data analyzed by Harvard's Joint Center for Housing Studies and The Associated Press.
A federal "request for information" released Wednesday included an option for previous homeowners to rent out the homes or for current renters to lease to own. Private investors could also be allowed to oversee the conversions. Officials are also mulling whether to implement a program in metro areas hit hardest by foreclosures and in those with high demand for rental housing.
The homes include single-family homes and condominiums. The deadline for responses is Sept. 15.
(Excerpt) Read more at hosted.ap.org ...
Obama is really viying to be Slum Lord in Chief
Friends of ‘The One’, party members, Hollywierd elites, Donors and various sycophants............sounds vaguely like the plot of a book I once read..............what was it’s name?.....Someone shrugged..
LOL..apparently the intelligentsia in the White house have never owned rental property ...
My daughter has to spend days and thousands to clean up after the section 8 trash they rent to..
Just who will make sure the copper plumbing does not take a walk in the middle of the night.. who will shovel out the trash when the renters have to be evicted ?
These guys are CLUELESS
Not just no, HELL no!
Exactly, you will have to “qualify” to receive your free house ... er, your government owned rental home.
isn’t there a law that the federal government has to use the private sector? (such as when the restored the capital dome statue)
The fed should sell them and let the new owners figure it out.
I would think given the “foreclosure” problems of the banks, that the “foreclosure” problems of Fannie and Freddie are MUCH worse.
The real problem will be they don’t have clear title to ANY of these homes.
They can’t afford to let the average American to find this out. They are making up the rules as they go, as long as they head in the direction of their Utopia, they won’t care, and neither will the judges.
....and the BANKS were CLUELESS when they gave unsecured mortgages to illegal immigrants ....(along with unsecured credit cards).
When I bought my first home, I had to put up my first born as part of the collateral.
After the government moves assorted dem victim groups into those homes, people will be wishing for the good old days of yellow yards, and stripped down dumps...
Remember the last time Obama got involved with rental properties?...
ACORN..
Bring back no doc loans but require 25% down and good credit. Had they done that orginally with those liar loans we would not be in this mess now.
” When I bought my first home, I had to put up my first born as part of the collateral.”
I hope since then the collateral was released : )
That didn't stop the feds from forcing the banks to make them the original loans the feds & banks knew they couldn't afford, so why would their not being able to afford the taxes be a barrier now? It would just create a new opportunity for another crisis to 'not let go to waste'.
YOU just reminded me of something!
They could take homes in conservative leaning districts, fill all with Dem voters and try to flip the districts to their side.
I bet that is the TRUE OBJECTIVE!.........
The lenders were forced to make the bad loans or face federal lawsuits forever. If you are looking for someone to blame, Democratic controlled Congress, Barney Frank and Chris Dodd’s Affordable Housing Act, Jimmy Carter’s Community Redevelopment Act, and Janet Reno’s threat to investigate and punish the lenders for discrimination against minorities and “redlining” ........
” U.S. moves to sell, rent 92,000 foreclosures Administration looks for buyers for U.S.-owned REOs”
Got news for you....there are 100,000 foreclosures just in Phoenix, and 10,000 in Tucson.
I talked to Vietnamese US citizen about communism in his country of birth. I asked him if they got all this free stuff, he laughed and said the people eat rats only, the commies get the free stuff.
I asked him, so why not just join the commie party and he said, only the children who are brainwashed in commie schools are allowed in the party. Sound familiar? He showed me pictures of kids in all white uniforms with red neckties.
The communists are here and have been here all along but getting stronger, unrest is coming very soon. Be prepared.
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