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Government Considers Ways to Rent Foreclosed Homes
WSJ ^ | July 22, 2011 | Nick Timiraos

Posted on 07/23/2011 3:29:43 PM PDT by sinanju

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To: sinanju

In addition to all the terrible ramifications mentioned already, the bondholders will get shafted. So if your bank savings account or your money fund owns mortgage debt, it’ll be reduced to (by one estimate) 20 cents on the dollar. I don’t know if that includes Fanny or Freddie. Particularly at risk are certain mortgage REITs.

When the rent is dropped, the value is dropped, then the value of the mortgage is dropped when marked to market or when they are ordered to do so. The investors (just like the GM bond-holders) get screwed.

One more wealth transfer from the “rich” (nearly anyone with savings) to Holder’s people.

So far, this is just a speculation of what our feral federal government could do by tax wizard Geithner (he made a proposal). However, I think Obama is losing popularity so fast that impeachment becomes a very real possibility. Also, Congress, and what’s left of the Supreme Court, would have to be breached.


21 posted on 07/23/2011 3:51:54 PM PDT by Hop A Long Cassidy
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To: FlingWingFlyer
Why don’t they stop “foreclosing” on people’s homes and force the banks and mortgage companies to work with the current owners so THEY can stay in the homes?

More government control of the banking industry? I don't think so. How about take the stupid controls and government forced requirements off and let the free market solve the problem.

22 posted on 07/23/2011 3:52:47 PM PDT by Prokopton
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To: WOBBLY BOB; cripplecreek

” great. now they can use Fannie to wreck the rental market like they did the housing market. “ WB

” I’m guessing this means putting welfare bums into homes that working people can’t even afford and making the taxpayers fund their destruction from the inside out. “

You are both right!


23 posted on 07/23/2011 3:52:47 PM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: sinanju
It is NOT about solving the problem. It is all about achieving absolute control over the populace. No matter the gruesome unforeseeable consequences.

Oh I thought of it immediately. Welfare bums get McMansions paid for by the taxpayers and democrats will constantly remind them that the evil republicans want to throw them out in the street. Plenty of potential for "diversifying" neighborhoods as well.
24 posted on 07/23/2011 3:52:47 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: sinanju

Do you think Cloward-Piven invented socialism?


25 posted on 07/23/2011 3:53:00 PM PDT by Tex-Con-Man
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To: cripplecreek

“Well I’m glad the houses on either side of me are safely owned even if they are empty.”

________________________________________________________________________________________________________________________________________________________

And I’m just as certain that soon Obama will step up to the podium and rail against land-owning kulaks who allow properties they own to go unoccupied as long as there are teeming homeless masses living in shelters and cardboard boxes.

Rest assured, there will soon be some Executive Order or HUD regulation requiring property owners to rent to Section 8 voucher holders if no one is occupying their property.

In fact, just like in Dr. Zhivago, expect a law demanding that anyone with more housing space than they “need” be required to TAKE IN Section 8 lodgers.

You just don’t understand our Dear Leader yet, do you?


26 posted on 07/23/2011 3:53:32 PM PDT by sinanju
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To: sinanju

There is a glut of supply. Stop with the artificial demand. That is how we got here in the first place. The idea that free market capitalism is the culprit for this crisis is laughable. Free market capitalism is about price discovery. The left promotes price obscurity and artificial price controls.


27 posted on 07/23/2011 3:54:12 PM PDT by Cheap_Hessian (I am the Grim FReeper.)
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To: Nervous Tick

I’d bet there will be a a terrific increase in house fires if they try moving the trash into the middle class neighborhoods.


28 posted on 07/23/2011 3:55:20 PM PDT by B4Ranch (Allowing Islam into America is akin to injecting yourself with AIDS to prove how tolerant you are...)
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To: Tex-Con-Man

“Do you think Cloward-Piven invented socialism?”

_______________________________________________________________________________________________________________________________________________________

No, but they sure put an edge on it.


29 posted on 07/23/2011 3:57:24 PM PDT by sinanju
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To: sinanju
And I’m just as certain that soon Obama will step up to the podium and rail against land-owning kulaks who allow properties they own to go unoccupied as long as there are teeming homeless masses living in shelters and cardboard boxes.

LOL one again, I've already thought about that and spoken to my neighbors about it. All 3 of my neighbors have already considered putting a warm body into the empty house they own.
30 posted on 07/23/2011 3:58:02 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: gotribe
How does bulldozing houses create wealth? Sure, resources, investments, and time were misallocated, but that doesn't make artificially restricting supply an appealing proposition. That is a great depression solution. Let the lower house prices signal to the market to stop building houses.
31 posted on 07/23/2011 4:00:04 PM PDT by Cheap_Hessian (I am the Grim FReeper.)
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To: sinanju
Coming to a neighborhood near you!

And just who pays for the upkeep/maintenance of these newly designated Section 8 properties?

I'm sure Uncle Bam will include upkeep on these houses, right?/s

32 posted on 07/23/2011 4:00:40 PM PDT by Jane Long (2 Chron 7:14)
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To: sinanju

Too bad there are no entrepreneurs left in the USA. This is an enterprise that could have been presented to the banks as a way to recoup their losses; by allowing rental companies to use their marketing and profit expertise.

The Gubmint has no clue how to turn these lemons into lemonade.


33 posted on 07/23/2011 4:01:22 PM PDT by sodpoodle
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To: sinanju

I wonder if I could get obama to buy my upside down house then rent it back to me for half of what I pay for the mortgage each month.

Seriously, I’m beginning to think the mortgage crisis was all on purpose so as to usher in Agenda 21. I know I sure don’t trust the Bushes.


34 posted on 07/23/2011 4:03:21 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: FlingWingFlyer

The mortage companies were already paid off by the tax payer yet they continue to collect payments. So, as far as I’m concerned, the government already owns all the mortgaged houses in this country.


35 posted on 07/23/2011 4:05:11 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: stephenjohnbanker
” great. now they can use Fannie to wreck the rental market like they did the housing market. “ WB

” I’m guessing this means putting welfare bums into homes that working people can’t even afford and making the taxpayers fund their destruction from the inside out. “

You are both right!

Close but a little off target.

The houses will be rented! And, stripped! And, abused as always!

And, then the taxpayers will pay contractors using mandated union labor to fix them back up. And then, they'll be rented again!

The people in Russia have got to be laughing their a$$es off at us!!

36 posted on 07/23/2011 4:05:26 PM PDT by CharlyFord (t)
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To: cripplecreek

“LOL one again, I’ve already thought about that and spoken to my neighbors about it. All 3 of my neighbors have already considered putting a warm body into the empty house they own.”

__________________________________________________________________________________________________________________________________________________________

Good idea. Everyone in such straits should have a house-sitter. Thank heavens you can now do cheap online background checks (I watch too much TV).

Oh dear! Oh dear! Expect Obama to ramrod a regulation through declaring that X-duration of occupancy to constitute de facto squatters’ rights!

The mind reels... 2012 cannot come soon enough.


37 posted on 07/23/2011 4:06:00 PM PDT by sinanju
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To: sodpoodle

I propose the trade down program. If you are going under and the bank is going to take your house, you have the option to trade your house for a smaller one that the bank owns.

Your mortgage goes down, and you get to stay in a house. And while the bank is carrying a higher value property, it’s better than carrying two.


38 posted on 07/23/2011 4:09:21 PM PDT by EQAndyBuzz (As long as the MSM covers for Obama, he will be above the law)
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To: Hop A Long Cassidy

Impeachment is something that will NEVER happen again to a liberal. There’s not one congress person who would even have the guts to mention it.


39 posted on 07/23/2011 4:10:53 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: sinanju; LucyT; Beckwith; Fred Nerks; blossom; Scooter; Lazamataz; mojitojoe; null and void; ...

You are 100% correect. I got it when I saw what Obama did in Kenya in 2006/2007.

Look at the facts:

1) limited mobility of the population because of higher gasoline prices

2) limited mobility of the population because of assaultive anti 4th amendment security checks

3) linmited rights of assembly by being turned away from meetings by SEIU thugs

4) Use of false crisis so that last minute, un publicly revealed totalitarian solutions are made to fiscal and administrative decisions and the poassage of laws

5) The waging of foreign wars based directly on presidential individual ideology without any defined national interest and the destruction of Libya as a vaible abnd peaceful economic power which was pro Western

6) The refusal to secure the border in New Mexico and Arfizona so that a revolutionista movement made up of armed drug cartels can set up shop in our nation.NOw they are in every major city.Tghey control sections of our Southern Border.

7) The use of the media to disguise truth and mislead the people.

8) The villification of american citiens by group in consecutive rotation, dirty rotten wall street, dirty rotten bankers, dirty rotten auto companies, dirty rotten corporate jets, dirty rotten “ you’re next.”

9) The unilateral use of executive orders to prevent the regrowth of small business, and the mmisuse of federal agencies fir the same, ( Diamond Food Walnuts).

10) Criminalizing the refusal to purchase government health care and the use of the IRS to seize citizen assets to collect fines and penalties, and delibnquent health care payments.

11) The failure to produce a budget so that the president can prioritize spending according to his own whim.

12) The falsification of data to show that our military would accept openly gay servicemen and women.

13) The use of Homeland Security to denigrate the people who have so called conservative (American) values as risks to the nation, without data to support such security risk findings.

This is just a short list. Yes Obama is moving for total control of the populace, and he has been since before his election, being included in TARP negotiations even before he was elected as president in order to control our financial future.Obama is a nationalist socialist bent on self defined historic justice, the calling card of all fascists in history, and bent upon the socialist solution of totalitarian control through the abuse of confiscatory taxation and invasive regulation by government.He is a usurper, a treasonous thug, and he will come to no good end.He and his ilk never leave quietly and it will be a battle of violence and blood to resecure our republic.

Good Read:

http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html


40 posted on 07/23/2011 4:10:53 PM PDT by Candor7 (Obama fascist info..http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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