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What we have is a bunch of homes that will be turned into section 8 living quarters. The people the banks just kicked out who don't have anywhere to live go get a voucher and move right back in. Uncle sam deals with cleaning up the mess they leave with our taxdollars and you the new owner get your monthy check from the taxpayers to boot.
Another Obama payback to his chronies. Remember when they would not allow these foreclosed HUD homes to be placed on the market? Well, the taxpayers have been footing the bills for maint. and repairs just in time for the 1% to swoop down and buy up the rental market.
“The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.”
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“These homes,” wrote Arnold, “which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs (GS) and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.”
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Who are some of the other high-rollers lining up for the restricted Fannie/Freddie/HUD fire sale? According to the Wall Street Journal, they include Lewis Ranieri, regarded as “the godfather” of mortgage finance for developing mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs), the financial weapons of mass destruction that played a key role in the economic meltdown.
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And, of course, the power brokers at Goldman Sachs, JP*MorganChase, and Citigroup, who have already reaped billions of taxpayer and investor dollars from the financial havoc they helped cause — as well as from the bailouts that followed — are salivating at the thought of even greater lucre to be made in the newly created homes-for-rent market.
Perhaps you still haven't learned that government intervention in the free market makes things worse.
Had the housing market been allowed to crash and hit bottom it would have already recovered by now. Instead Obama threw "fix" after "fix", thus artificially supporting prices and inventory, instead of allowing the bubble to burst and recover as the market would support.
Meanwhile, AG-Holder and his assistant Lanny Breuer still haven't convicted any major lenders for mortgage fraud or foreclosure fraud have the? Wonder why?
Clue: previous conflict of interest via their employment at a certain law firm which served same clients.
I have been watching the foreclosure market in hard hit Florida for some time. I bought an REO -bank owned foreclosure for 1/3 of what the original mortgage was. It was never lived in.. many people from the North are going down and buying a home. There as so many , thousands because of the building boom.. that the value dropped like a rock and unemployment high because all the families left the homes but new people are moving in.
Some homes were left in bad shape. Anyone that could breath was able to buy a home.. illegals, people from other countries , many without jobs bought homes.. 3 million who bought homes never made the first mortgage payment.
If the wealthy want to buy homes more power to them.. better than thousands of homes rotting away empty.
I would say 90 percent of the homes in the neighborhood where I bought my home went into foreclosure. It was a building boom and most of the homes are fairly new. Some couldn't afford them, some lost their jobs and couldn't keep up with the mortgage payment. Some sat for a while before they went into foreclosure.. others lived in them for up to 4 years without paying a mortgage payment till the banks moved to take the house.
Slowly they are being bought. Some by small investors who fix them up and resell them for a modest profit. I would say the banks are again moving to foreclose. The robo-signing slowed the banks down and now a new wave is coming of more homes.
I know of three families that are partially out of their homes into another home. Two other empty homes and they were build in 2006. One never lived in . One new family from Michigan moved in a few months ago, and are putting in a pool. They bought a 4 bedroom home, over 2000 sq. ft.. new stainless steel appliances , repainted inside and out , all bull nose finished drywall, like new condition and sold for 115 thousand.
I have been watching the foreclosure market in hard hit Florida for some time. I bought an REO -bank owned foreclosure for 1/3 of what the original mortgage was. It was never lived in.. many people from the North are going down and buying a home. There as so many , thousands because of the building boom.. that the value dropped like a rock and unemployment high because all the families left the homes but new people are moving in.
Some homes were left in bad shape. Anyone that could breath was able to buy a home.. illegals, people from other countries , many without jobs bought homes.. 3 million who bought homes never made the first mortgage payment.
If the wealthy want to buy homes more power to them.. better than thousands of homes rotting away empty.
I would say 90 percent of the homes in the neighborhood where I bought my home went into foreclosure. It was a building boom and most of the homes are fairly new. Some couldn't afford them, some lost their jobs and couldn't keep up with the mortgage payment. Some sat for a while before they went into foreclosure.. others lived in them for up to 4 years without paying a mortgage payment till the banks moved to take the house.
Slowly they are being bought. Some by small investors who fix them up and resell them for a modest profit. I would say the banks are again moving to foreclose. The robo-signing slowed the banks down and now a new wave is coming of more homes.
I know of three families that are partially out of their homes into another home. Two other empty homes and they were build in 2006. One never lived in . One new family from Michigan moved in a few months ago, and are putting in a pool. They bought a 4 bedroom home, over 2000 sq. ft.. new stainless steel appliances , repainted inside and out , all bull nose finished drywall, like new condition and sold for 115 thousand.
Why not hold onto them as affordable rentals? Better than thousands of homes rotting away ampty, and better than cursing and watching helplessly while the wealthy buy them up and jack up the rents.
What we have is a bunch of homes that will be turned into section 8 living quarters. The people the banks just kicked out who don't have anywhere to live go get a voucher and move right back in. Uncle sam deals with cleaning up the mess they leave with our taxdollars and you the new owner get your monthy check from the taxpayers to boot.
Exactly howTF do these people go get a voucher? Waiting lists are a mile long and 99% of the time you can't even get ON the waiting list.
Perhaps you still haven't learned that government intervention in the free market makes things worse.
Local governments intervene in the housing market all the time, and their intervention has worked very well for homeowners, if their strong support is any indication. Renters, not so much.
Aren't you grateful toward your local government for intervening in the housing market?
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