The U.S. government, which has become the nation’s biggest owner of residential properties, is looking for ways to reduce and manage its huge inventory without swamping the real estate market or exposing federal agencies to enormous losses.
Government-run Fannie Mae, Freddie Mac and the Federal Housing Administration now own about a third of the country’s nearly 800,000 foreclosed properties. With that inventory predicted to grow, they are looking for new ways to cope.
In a joint public appeal this month, the agencies invited the public to send in suggestions for managing the inventory, particularly ideas for turning foreclosed homes into rentals.
Wow, just wow. Barack Obama has always looked to me like a Banker who loves his own kids, and he’s just proved it.
the things what we buy is more and more not cheap
Well Obama is a marxist. What we are doing is not far from what the Soviet Union did. When we give money to companies and we do not let the free market economy decide who stays in business then its communism. They are bailing out the banks at the expense of everyone else. Do they deserve to be bailed out -no. They have committed the biggest fraud ever committed and they are continuing to commit fraud in the courts. Let them fail because no one is interested in taking out mortgage loans with these fraudsters. Everyone has heard the horror stories; breaking into homes, excessive fees, foreclosing on the wrong property. Let them go down and fail.
The decision could be made to return the properties to the owner(s) who were foreclosed upon and let them refinance under the Home Affordable Modification Program (HAMP) [Principal Reduction Alternative (PRA) and Home Afforable Unemployment Program (UP], Home Affordable Refinance Program (HARP) and/or Home Affordable Foreclosure Alternative (HAFA) programs. Furthermore, why not let Chapter 13 debtors write their plans to keep their homes at the current market value, as was done under Chapter 12 for the farmers? The write down to market value idea was floated and discarded without thought for the overall market consequences of overloading the market with repossessed homes being sold at even a deeper discount than market value. Didn’t anyone consider the holding costs, the deterioration of vacant properties, etc.? And for those who are unable to make even those payments, let them stay in their homes paying a portion of their income including utilities and property taxes. Hasn’t the nightmare lasted for long enough?