Posted on 01/24/2012 10:40:19 AM PST by Ernest_at_the_Beach
At issue is a Federal Housing Finance Agency push to develop a program that is expected to use government financing or guarantees to attract investors to buy up big regional or national pools of foreclosed properties currently owned by government seized housing giants Fannie Mae and Freddie Mac. The plan would be to convert these properties into rentals, a market that has strengthened recently. See story from August on foreclosure-to-rental program
Some analysts say President Barack Obama may discuss the initiative at his State of the Union Tuesday, with a focus on how to convert empty homes into productive engines of the economy. Read State of Union preview.
So far, the FHFA has received over 4,000 comments on how it should go about developing the program from a wide variety of groups including Martin and investors such as Fortress Investment Group /quotes/zigman/441884/quotes/nls/fig FIG
-0.28% , Chelsea Investment Corp. and the Association of Mortgage Investors.
The FHFA noted that most respondents suggested strategies that involved renting properties for some time. The agency added that many respondents “demonstrated their technical and financial capability to engage in large-scale transactions” with Fannie, Freddie and FHA.
(Excerpt) Read more at marketwatch.com ...
Government subsidized section 8 rental properties ... Here comes the rest of the 0bama stash!
Oh, and it’s not like this is going to be yet another plan that benefits the large investors - who gobble up the property at cut-rate prices, then turn them into slums that low-income people will then destroy - I mean, it’s not like this hasn’t been done time and again.
How about letting those who lost their jobs, then lost their homes (via short-sale or foreclosure) have an opportunity to puchase another home, after they have obtained employment and are trying to re-establish themselves? These are the folks that I would want as a neighbor, someone who values a home, and will fix it, maintain it, and drive my property values UP.
Oh, nevermind ... those folks aren’t on the Gov’t dole; and probably don’t vote DEM in large blocks .... what was I thinking?
People who don't have income (other than welfare), and have never worked for a living or paid for their own home, do NOT take care of someone else's "FREE RENT PROPERTY", period.
Housing projects are the thing of the past, zero will now redistribute. The entitlement crowd in the housing projects will be movin on up to a residential nieghborhood fully subsidized by the government and exploited by his realstate management friends
People who don't have income (other than welfare), and have never worked for a living or paid for their own home, do NOT take care of someone else's "FREE RENT PROPERTY", period.
If there is all this cash on the sidelines...then what do they need the incentive for? If it is still too risky of a market and a "delicate" forumula...then with the government involved it is epic failure...AGAIN!
Nice to see where all on the same page, lets end this insanity come November no rinos!
Ah, and I presume that our “genius” lib economists and (much less than genius) MSM dregs have already calculated that those actions will not depress the housing market at all.
Hopefully, all with room temp IQ or above realize the vapid stupidity of this plan.
This class envy, lack of responsibilty, and wealth-redistribution is a vote-buying scheme, keeps Holder's People on The Plantation, and destroys everything around the mis-fits.
It’s unbelievable! But, WAIT! It’s Obama and Fannie and Freddy, and the taxpayers picking up the bill, AGAIN.
And it will affect the suburbs when an out-of-work tax payer defaults on his mortgage and a Section 8 house replaces the former owner.
I remember this coming up a few months back. It’s a terrible idea for a couple of reasons: nice neighborhoods will go to hell because of the (sorry to say it) lowlifes that will move in, six cars with flat tires in each driveway. Plus if you are trying to sell your house, you’re screwed for two reasons: the value of your house just dropped, and now you are competing with the feds, who can always undercut you.
This will provide several wonderful things:
- do you own or rent one these properties? Your business is now the gub'mint's bidness! hooray!
-and those homes will not be isolated to the nasty areas - there goes (what's left of) your property value!
-does your property share a fence, firewall, driveway, drainage ditch, etc with one of these homes? surprise!
So that EVERY neighborhood can look like Chicago’s Souf Side.
“-does your property share a fence, firewall, driveway, drainage ditch, etc with one of these homes? surprise!”
Yep... and the new neighbors’ pit bulls will, as well.
Until they implement this plan.
Spot (haha) On! let me set this up, my Wife owned a home on a trendy street in a trendy section of DE. No rentals on the block. People started moving for jobs, going to someplace warm, getting married (as was our case) just when the housing marker started to bleed.
The people that rented the house that shared a breezeway were professors, their children and the children's friends, were not.
Before each open house, we had to clean up garbage, bottles, pit bull cr@p and request that they take the pit bull that was on a (no lie) 2 foot leash inside.
Ah yes, memories of chipping away at frozen-solid pit bull cr@p with wrecking bar...
So, what is the incentive? Would the government be selling these properties at below market prices? That means the government will be subsidizing those who can AFFORD to buy all these properties. Plus they’ll subsidize the rent payers.
I hope I live long enough to see liberal home owners pitching a bitch about their new neighbors.
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