Even if you can't read the whole article, the comments are eloquent and informative.
I'm no expert on real estate, law, or public housing, but it's enough to know Obama and his corporatist fascist modus operandi to smell what's being cooked up here.
Government takes over de facto control of all foreclosed housing and makes itself landlord. A la General Motors, Government will have all of the power and none of the accountability. As these squalid Obamavilles metastasize across the fruited plain, real estate values will crash even further. As these houses will now be "Section 8" or its equivalent, more and more private landlords will be undercut and priced out of the market. They will then either foreclose themselves or sell out to Obama's Ministry of Housing. Soon all but the favored elite will be living in grim, ramshackle, overgrown, trash strewn, crime-ridden public housing. Imagine what America will look like then?
Don't even bother asking if it can be made workable or not (tee! hee!), like Obamacare, it's all about gaining absolute power over us peasants.
All hail the new order!!!
("Mmm! Mmm! Mmm!)
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.
Under the heading of “social justice property redistribution”, the method of redistribution is clearly suggested by this article. Destroying the private property and assets of the middle class, gaining govt control of it, redistributing it as govt. desires is the Marxist model. THe subprime crisis, the failed document transfers are what make the govt. control possible. Property, no longer with legitimate documents is up for grabs...govt. has grabbed it.
Controlling, monitoring, defining, and taxing all citizens labor and cash flow in the US thru the CFPB as it is implemented and “refined” is also a Marxist type operation housed completely within the Fed Reserve and funded operationaly by it at the current time. It should be abolished immediately, and, that is not possible, and Nov. 2012 may be too late.
The country isn’t going down the drain fast enough.
The Obamabots are groping for ways to speed up the total destruction of law, order, the economy and the concept of private ownership.
As this madness and tomfoolery continues, I wonder if we’ll ever get back to the 20% down, had a good job for two years, 30 year mortgage?
90% of this situation today was caused by moving away from that tried and true formula.
Oh good, now the government becomes my competitor in this area of my life too.
Sad story. Great local nursery school had been running for 30 years. Had just received enough applications to run again, despite the economy, because of its great reputation.
Then our local school district annouced it was going to provide preschool for FREE. A few applications were withdrawn. And the school district saved some union flunky’s job. And two great women lost theirs.
House will NEVER vote funds for this..
Bambi needs to get out of our business. NOW.
Rent them to whom—rich foreigners? ;-)
The rental/slavery economy.
Nail meet hammer, with the magic phrase: Section 8. Conversion of foreclosed properties into rentals happens all the time, through the magic of market economics. Banks foreclose on a property and can’t re-sell it. A local real estate broker, investor or property management firm offers to buy the home, with the express purpose of converting it into a rental and naturally, the new owner will determine criteria for who they will rent to. In fact, the number of rental properties has been increasing nationwide for that very reason, and the fact that many former homeowners (or prospective buyers) no longer qualify for a mortgage.
Naturally, Obama proposes to set market forces on their ear, buy up large tracts of empty houses and convert them into Section 8 properties. And, as you correctly point out, that’s the last thing you want in your neighborhood. Section 8 homes (and their tennants) inevitably trigger a decline in property values, thanks to the various pathologies they typically bring to a neighborhood.
But this certainly fits into Obama’s master plan. Make more Americans dependent on the government while ending the dream of home ownership for most of us. As I recall, the Anointed One proclaimed that “renting” is preferable for most Americans in today’s economy, and he’s going to make that happen.
The administration will flood conservative counties and municipalities with Somalis and Mexicans, then register them to vote. Further, if he ever needs his private army the soldiers wil be in place!
Banks are already renting “bank owned” properties even as they are “selling” them on short sales through proxy “owners”. Have some experience with this and it is really under the table shady. The tax rolls reflect a property as being owned by for example 1200 Central Lane Trust. Voila! Bank no longer carries the foreclosed property on its ledger. But when the closing happens— they get the money.
Only problem— nobody has a job to buy. Govt. solution- take the actual property off the banks books (you know,instead of making the banks dispose of the property and absolving the bank of any debt). Obama-—mmm mmm mmm the friend of the banker.Cozy little set up.
This is pure fascism mixed with communism. The landlord is now the “kulak” as in the days of Stalin.
WTF?! Hussein lives rent free...and he wants to expand the welfare state...
“Even if you can’t read the whole article, the comments are eloquent and informative.”
Yes, I said on another thread today that the WSJ commentors are pretty good, as a rule.
But, back on topic, this man is a DUNCE and needs to GO AWAY!
Dear Lord in heaven, please do not make our country suffer another 4 years with this nincompoop at the helm.