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Foreclosure Defense Florida

Realtors Object to Selling Foreclosed Homes To China?!

The federal government is conspiring with the banks to sell homes to China.   Selling off chunks of our country to foreign investors…making our neighborhoods beachheads in this ongoing, stalking world war.   Finally, people are starting to wake up…
(A little update here…it’s not exactly clear who the fannie bulk sale homes are actually being sold to, the assertion that they are being sold to foreign investors is at the very least a plausible one.   see Naked Capitalism here And one of the bigger picture questions raised that is frankly beyond the comprehension of most folks is what conditions would any source place on the extension of further credit to the wounded US market?   Would any sovereign source [and certainly not a private one] lend billions to the US totally unsecured?   Of course not.   Which gets back to the wild, crazy conspiratorial speculations contained herein….that sovereigns are stalking secured positions in fixed US assets….not a real stretch here folks….)
I so appreciate all you good folks out there that provide commentary and leave your questions directly on these posts so that I can go back and supplement them later.   And for the intellectual lightweights out there that cannot muster any real response and who don’t have the gumption to challenge me here directly, I choose to ignore you!   If you want a fight…step right up…leave your comments and I’ll get right to you!
With that update as more background, the bigger issue is not who fannie is selling the homes of Americans to, but the fact that they are selling the homes for cents on the dollar at all.   And forget again about who they are selling to, it’s the fact that Americans are being thrown into the street by banks that will not offer modifications or short sales and those very same homes are being turned over to private investors who will profit off the misery of the former owners…that’s the real point about all this…..
Florida Realtors, a statewide trade group, is objecting to a bulk-sale pilot program by the Federal Housing Finance Administration because of concerns about how such sales might affect local resale markets, as reported in the Orlando Sentinel (sorry Chuck)
The trade group’s concerns echo similar ones from the California Association of Realtors, which recently complained about 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Empire areas.
FLORIDA REALTOR

5 Comments

  • Ray Silva says:

    Matt, I generally really like your posts, but just where in the article you link is China mentioned? It would be nice if you included at least a link to some story saying that.

  • What else would you expect from a trade group that encourages it’s membership base to believe everything that the loan servicer tells them without questions?
    When it comes to conducting short sales, Realtor/members are instructed to find the identity of the “lender” so that they can properly calculate payoff, closing costs, escrow calculations and net to seller (if any.)
    But servicers don’t own loans and MERS is on record as being the mortgagee. Plus, loan servicers have been known to lie to consumers in order to generate more foreclosures, so how does a “Realtor” find the true identity of the lender & obtain loan payoff amounts if the real lender is hidden?
    Why hasn’t the NAR screamed from the top of their lungs about it on Capitol Hill? These are the “experts” rights? This flies directly in the face of NAR’s own mandatory code of ethics which state:
    Article 1
    “Protecting and promoting the interests of the client & an obligation to the client is a primary interest.”
    Article 2
    “Must avoid exaggeration, misrepresentation or concealment of pertinent facts about the property or the transaction.”
    For them to worry about a drop in resale price and neglect the real concerns for the market, their members and the consumers they pretend to protect is a HUGE dis-service to this nation.

  • Cheatum, Robb & Run says:

    What would you expect from a trade group that encourages it’s membership base to believe everything that the loan servicer tells them without questions?
    When it comes to conducting short sales, Realtor/members are instructed to find the identity of the “lender” so that they can properly calculate payoff, closing costs, escrow calculations and net to seller (if any.)
    But servicers don’t own loans and MERS is on record as being the mortgagee. Plus, loan servicers have been known to lie to consumers in order to generate more foreclosures, so how does a “Realtor” find the true identity of the lender & obtain loan payoff amounts if the real lender is hidden?
    Why hasn’t the NAR screamed from the top of their lungs about it on Capitol Hill? These are the “experts” rights? This flies directly in the face of NAR’s own mandatory code of ethics which state:
    Article 1
    “Protecting and promoting the interests of the client & an obligation to the client is a primary interest.”
    Article 2
    “Must avoid exaggeration, misrepresentation or concealment of pertinent facts about the property or the transaction.”
    For them to worry about a drop in resale price and neglect the real concerns for the market, their members and the consumers they pretend to protect is a HUGE dis-service to this nation.

  • neidermeyer says:

    Direct sales = no commissions to little Susie realtor … not hard to understand.

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