Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
PSA
Member Login

Site Notices
Arrow Left Previous Page
Page / 4
Posted: 8/10/2011 11:02:19 AM EDT
That's the headline on Drudge.

Gov't considers turning foreclosures into rentals    





By DEREK KRAVITZ        


AP Economics Writer



    WASHINGTON    
(AP) –– 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.


.....














Link.


Link Posted: 8/10/2011 11:03:00 AM EDT
What could possibly go wrong with that idea?  
Link Posted: 8/10/2011 11:03:14 AM EDT
FFFFFFFFFFUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU­UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU
Link Posted: 8/10/2011 11:05:23 AM EDT
Holy shit, he really is going to spread the welath around.

Starting by giving your neighbor's house to a bunch of welfare rats.


Marx himself couldn't have come up with a better plan.
Link Posted: 8/10/2011 11:05:50 AM EDT
The only thing that would do is drive neighborhood home prices even lower.
Link Posted: 8/10/2011 11:07:22 AM EDT
If only there was a mechanism to correct this influx of unsold homes....
Link Posted: 8/10/2011 11:07:23 AM EDT
The Federal Housing Finance Agency said Wednesday it is seeking input from investors...


And will then promptly ignore it, doing what they want to anyway.
Link Posted: 8/10/2011 11:07:25 AM EDT
Welcome to the ghetto, we got fun and games...
Link Posted: 8/10/2011 11:07:58 AM EDT
Rentals dont help single family home prices, actually they tend to do the opposite.
Link Posted: 8/10/2011 11:08:12 AM EDT
Originally Posted By TrojanMan:
Holy shit, he really is going to spread the welath around.

Starting by giving your neighbor's house to a bunch of welfare rats.


Marx himself couldn't have come up with a better plan.


Originally Posted By TeeRex:
The only thing that would do is drive neighborhood home prices even lower.


I can't say it better than these two.
Link Posted: 8/10/2011 11:08:25 AM EDT
We are about to witness the power of that fully-opperational death star
Link Posted: 8/10/2011 11:08:54 AM EDT



Originally Posted By BobRoberts:


If only there was a mechanism to correct this influx of unsold homes....


Fire?



 
Link Posted: 8/10/2011 11:09:38 AM EDT
It'll be boom times for Section 8.
Link Posted: 8/10/2011 11:10:17 AM EDT
Originally Posted By schizrade:

Originally Posted By BobRoberts:
If only there was a mechanism to correct this influx of unsold homes....

Fire?
 


Link Posted: 8/10/2011 11:10:45 AM EDT
Why is it that every time he opens his mouth I'm just stumped at the blatant ignorance and stupidity of this man.



You would think that I (we) would be used to this by now.
Link Posted: 8/10/2011 11:11:05 AM EDT
Fuck. The house next door to me is a HUD foreclosure.
Link Posted: 8/10/2011 11:11:08 AM EDT
How will turning into free Section 8 housing help the balance sheet?

You know they are going to give it away...
Link Posted: 8/10/2011 11:11:23 AM EDT
I don't have a problem with this so long as it is done at market rates (ha ha, I know).  If the government owns the property, and cannot sell it, then renting is a good way to ensure that the asset is not wasted.  Lots of private owners are doing this as well.
Link Posted: 8/10/2011 11:11:31 AM EDT
For the amount we have already spent on TARP, we could have bought those 250,000 homes and GIVEN them away!
Link Posted: 8/10/2011 11:12:05 AM EDT
my wife and myself are renters,its what works for us.

we have never taken a hand out from anyone,so please dont
lump us all into one category.
Link Posted: 8/10/2011 11:12:07 AM EDT
How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?

Buy the foreclosed properties with all that money that the government has to spare these days?

What a fucking terrible idea this is.
Link Posted: 8/10/2011 11:12:31 AM EDT



Originally Posted By captainpooby:


For the amount we have already spent on TARP, we could have bought those 250,000 homes and GIVEN them away!


We could have payed most of the mortgages in the nation.



 
Link Posted: 8/10/2011 11:12:59 AM EDT
So, now they're going to bankrupt legit rental companies by flooding the market with taxpayer funded properties?

Great.
Link Posted: 8/10/2011 11:13:10 AM EDT
Let's see...my neighbor lost his job thanks to Obama. That resulted in him losing his house. Again, thanks, Obama. Now Obama wants to rent out that house, probably for a ridiculously low amount to a welfare rat.

Gee, I can't wait for my property value to plummet.

Thanks, Obama.  
Link Posted: 8/10/2011 11:13:27 AM EDT
Not surprised.

This is exactly what Chavez did a few years after taking over the country. Google it.

Now he has an almost bulletproof voting base. Even those that know better, and that are living in shit, would/still vote for him because of the free home they received.



And the more I think about it, the more I see the genius of it:

On one hand, this almost guarantees more disorder and violence in the future (lets see what happens when you mix honest, no bullshit taking citizens with Section 8 retreads), which will "force" the government to act to "preserve the peace" and pass more onerous, draconian laws.

On the other hand... well, no, this wouldn't be a repeat of "white flight". In the past, a lot of people moved to the suburbs, away from the city centers. Over the last 10 years, it's been the reverse. Now... there really wouldn't be any "safe haven", so to speak.

Yup, this a bucketful of fuck with dick sprinkles all over it. Enjoy.
Link Posted: 8/10/2011 11:13:29 AM EDT




Originally Posted By dbrowne1:

How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?



Buy the foreclosed properties with all that money that the government has to spare these days?



What a fucking terrible idea this is.


I think the government already owns the property.  It is a question of how to dispose of it.

Link Posted: 8/10/2011 11:13:59 AM EDT



Originally Posted By Desp:


Fuck. The house next door to me is a HUD foreclosure.


Was.   Was a HUD foreclosure before that terrible fire.



 
Link Posted: 8/10/2011 11:13:59 AM EDT



Originally Posted By jimhoff:


We are about to witness the power of that fully-opperational debt star


FIFY



 
Link Posted: 8/10/2011 11:14:25 AM EDT
Originally Posted By Desp:
Fuck. The house next door to me is a HUD foreclosure.


Time to buy it.  Make a lowball offer and see if they take it.
Link Posted: 8/10/2011 11:14:37 AM EDT
Originally Posted By happycynic:
I don't have a problem with this so long as it is done at market rates (ha ha, I know).  If the government owns the property, and cannot sell it, then renting is a good way to ensure that the asset is not wasted.  Lots of private owners are doing this as well.


You forgot to put "rent" in quotes.
Link Posted: 8/10/2011 11:14:45 AM EDT
On a cold and gray Chicago morning.....
Link Posted: 8/10/2011 11:15:10 AM EDT
Originally Posted By hawxter996:
my wife and myself are renters,its what works for us.

we have never taken a hand out from anyone,so please dont
lump us all into one category.


The problem is not YOU guys.

The problem is that "rent" is .gov codeword for "subsidized living".

HUGE difference.
Link Posted: 8/10/2011 11:15:46 AM EDT
Let's socialize the housing industry! What could go wrong?
Creeping socialism? This is wide-the-fuck-open throttle socialism.

BOHICA
Link Posted: 8/10/2011 11:16:02 AM EDT
Originally Posted By captainpooby:
For the amount we have already spent on TARP, we could have bought those 250,000 homes and GIVEN them away!


Well shit, I guess this means most of our state (FL) is now officially going to be Section 8. Does this mean I have to stop wearing belts and buy a pit bull?
Link Posted: 8/10/2011 11:17:05 AM EDT
Originally Posted By happycynic:

Originally Posted By dbrowne1:
How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?

Buy the foreclosed properties with all that money that the government has to spare these days?

What a fucking terrible idea this is.

I think the government already owns the property.  It is a question of how to dispose of it.


Yeah, I think you're right - they're houses owned by Fannie/Freddie already.

At this point they should just burn them to the ground. If nothing else, it will reduce all the excess inventory.
Link Posted: 8/10/2011 11:17:37 AM EDT



Originally Posted By happycynic:


I don't have a problem with this so long as it is done at market rates (ha ha, I know).  If the government owns the property, and cannot sell it, then renting is a good way to ensure that the asset is not wasted.  Lots of private owners are doing this as well.


Most people that I talk to "in a situation" say that renting wouldn't cover the note and taxes.



 
Link Posted: 8/10/2011 11:18:09 AM EDT
I can actually see my redneck neighbor across the street trashing these homes to make them unrentable, just to keep shitheads out.

He lives between two foreclosed homes. He's already pissed because the mortgage company only mows them about once a month and they do such a shitty job, it looks like a cut hay field when they are done.
Link Posted: 8/10/2011 11:18:22 AM EDT
Once they move in, you'll never get them out.

They will never work again and we will be fixing their houses for them.

Private landlords will never be able to compete with taxpayer-funded rivals.

Look for another avalanche of foreclosures as homeowners decided to bail and take the easy route - and stay in their own home.




Yeah.  I don't see any problems with this idea.  
Link Posted: 8/10/2011 11:18:37 AM EDT
How the fuck does that help house prices?
Link Posted: 8/10/2011 11:18:39 AM EDT



Originally Posted By hawxter996:


my wife and myself are renters,its what works for us.



we have never taken a hand out from anyone,so please dont

lump us all into one category.


I'm a renter too. It's not about "renters" it's about redistribution.



In other words, you won't be getting nice neighbors, you'll be getting section 8 trash and all the kids they shit out.
 
Link Posted: 8/10/2011 11:19:14 AM EDT
Originally Posted By TeeRex:
The only thing that would do is drive neighborhood home prices even lower.


Yep
Link Posted: 8/10/2011 11:19:51 AM EDT



Originally Posted By dbrowne1:


How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?



Buy the foreclosed properties with all that money that the government has to spare these days?



What a fucking terrible idea this is.


The banks would dump the properties, gov. would probably pay them top dollar.



I reckon the banks are jerking off at the thought of dumping all the foreclosures they're fucked with.





 
Link Posted: 8/10/2011 11:20:24 AM EDT
Is there an easy way to see how many foreclousures are in your neighborhood?
Link Posted: 8/10/2011 11:20:53 AM EDT
[Last Edit: 8/10/2011 11:22:35 AM EDT by EchoHouseBravo]
Actually this is my idea for Social Security Buyout.

For every 10 years you've paid in, you're given 50k towards a Gov owned (forclosed) home. Might suck in California where you're 2 bedroom 1 bath starter runs $250k, but hey. In exchange for your home, you're still paying your soc security just like a tax, and you get drastically reduced (25% stipend) at the end.
Younger tax payers get the chance to start with a house rather than living in an apartment, or older homeowners look at their vacation property, or persons can use it for a rental or what have you.
Problem is solved.

So to recap:
Every 10 years, 50kworth of Foreclosed home.
You have 40 years in, cash it out, thats 200k lumpsum vacation home, but you're only getting your $200 from Uncle Sam when you retire.
Foreclosed homes issues are solved.
Home ownership gets righted.
What persons do with these funds, who cares. It's their government paid reimbursement for the last 10 years of social security payment.

Yes I am fully aware that max annual contribution is just about $11K, so based upon total payin, some one working a 40k a year job would intially make out quite well on the deal, BUT you do not have continual year after year payment of which the average according to the SSA is $14k a year.

$5K a year foreclosure value + $2400 stipend = $7400 a year < $14k a year current average benefit.

You don't want your buyout?
Link Posted: 8/10/2011 11:21:47 AM EDT
[Last Edit: 8/10/2011 11:23:34 AM EDT by Partisan]
Originally Posted By dbrowne1:
Originally Posted By happycynic:

Originally Posted By dbrowne1:
How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?

Buy the foreclosed properties with all that money that the government has to spare these days?

What a fucking terrible idea this is.

I think the government already owns the property.  It is a question of how to dispose of it.


Yeah, I think you're right - they're houses owned by Fannie/Freddie already.

At this point they should just burn them to the ground. If nothing else, it will reduce all the excess inventory.


I have a better idea.  Give real estate to people that have paid money into socialist insecurity.  I have paid several hundred thousands of dollars to ss.  Let me get that same value in real estate to cancel out the govt's ss obligation to me.  Straight up trade:  Their ss indebtedness to me for real estate.

 Dang beat by a minute.
Link Posted: 8/10/2011 11:22:43 AM EDT



Originally Posted By HullBreach:


Is there an easy way to see how many foreclousures are in your neighborhood?


I don't think you can get an accurate number due to the fact that banks have been sitting on them.



People have been living in houses for over a year while making no payments.



 
Link Posted: 8/10/2011 11:23:20 AM EDT




Originally Posted By Desp:

Fuck. The house next door to me is a HUD foreclosure.




Enjoy your new nieghbors!



Link Posted: 8/10/2011 11:23:32 AM EDT



Originally Posted By Partisan:



Originally Posted By dbrowne1:


Originally Posted By happycynic:




Originally Posted By dbrowne1:

How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?



Buy the foreclosed properties with all that money that the government has to spare these days?



What a fucking terrible idea this is.


I think the government already owns the property.  It is a question of how to dispose of it.





Yeah, I think you're right - they're houses owned by Fannie/Freddie already.



At this point they should just burn them to the ground. If nothing else, it will reduce all the excess inventory.




I have a better idea.  Give real estate to people that have paid money into socialist insecurity.  I have paid several hundred thousands of dollars to ss.  Let me get that same value in real estate to cancel out the govt's ss obligation to me.  Straight up trade:  Their ss indebtedness to me for real estate.


Fat chance. Government programs are only for those who don't pay into the system.



 
Link Posted: 8/10/2011 11:24:00 AM EDT
Originally Posted By Partisan:
Originally Posted By dbrowne1:
Originally Posted By happycynic:

Originally Posted By dbrowne1:
How does the government actually do this? Put a gun to the head of the owners (mostly banks) who bought the properties and make them rent them out?

Buy the foreclosed properties with all that money that the government has to spare these days?

What a fucking terrible idea this is.

I think the government already owns the property.  It is a question of how to dispose of it.


Yeah, I think you're right - they're houses owned by Fannie/Freddie already.

At this point they should just burn them to the ground. If nothing else, it will reduce all the excess inventory.


I have a better idea.  Give real estate to people that have paid money into socialist insecurity.  I have paid several hundred thousands of dollars to ss.  Let me get that same value in real estate to cancel out the govt's ss obligation to me.  Straight up trade:  Their ss indebtedness to me for real estate.


Interesting... Besides the obvious crookedness that could occur, this may be a good way to cancel some of the government's unfunded liabilities.
Link Posted: 8/10/2011 11:25:03 AM EDT


What is this idiot going to do next?

Is there anything that the government touches that doesn't immediately turn to crap?

Link Posted: 8/10/2011 11:25:14 AM EDT
and it happens, full blown communism.
Arrow Left Previous Page
Page / 4
Top Top