The federal government is the Wizard Behind The Curtain in the majority of all Amerikan residential real estate financing. Through its surrogates Fannie, Freddie, USDA, VA, HUD, it controls and directs virtually all economic, legal and social policy related to the homes Amerikans live in.
In courtrooms, it’s not the banks that call the shots and it’s not plaintiff’s attorneys….it’s the central planners…the feds.
In short sales, it’s not the banks that call the shots and it’s not the realtors…it’s the central planners….the feds.
In modifications and mediations, it’s not the banks that call the shots…it’s the central planners…the feds.
In the disposition of vacant and blighted homes, it’s not the realtors…it’s the central planners…the feds.
In the “bank sponsored break ins” it’s not the banks that call the shots…it’s the central planners….the feds.
And the feds are inextricably linked, arm and arm, golden handcuffs to golden handcuffs to Wall Street and the international banking cartels. The central planners, Bernake, Paulson, Geithner, they don’t serve the interests of the Amerikan people….they serve the interests of the international banking cartels. The President and All The President’s Men (and Women) in Congress serve Wall Street and the international banking cartels…nowhere is this more apparent than in the complete lack of prosecution of any of the Wall Street financial criminals….it is clear now that they will all walk free….they are above, beyond, and superior to all the laws.
But this will not all remain abstract and beyond all of us. It is being manifested in our neighborhoods as the feds conspire to turn our neighborhoods over to private investors and probably foreign interests through the Fannie Bulk Sales Program. In Florida, Arizona and in California, blocks of homes are being sold, in secret, to private interests for cents on the dollar. The market is not deciding the value of these homes, and the taxpayers that bailed out The Beasts are not being offered these homes at the same dramatic discounts as they are being offered to the investors…this is the very essence of fascism…the fusion of the government and the corporate interest…
Beyond the optics of the problem, there are very real practical reasons why this will not work in the long run. Real estate is not scalable. This was one of the primary lessons learned from The Crash. But apparently this lesson was not learned at all. Because the central planners are jumping right back into the fire. As reported in Reuters, they’re even moving to turn the revenue stream from rent to own foreclosures into bonds…unrated bonds.
Central planning destroys communities. Bulk sales destroys communities.
LOS ANGELES (Aug. 22) ““ The Federal Housing Finance Administration (FHFA) is moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state’s housing market, and cost to taxpayers, the CALIFORNIA ASSOCIATION OF REALTORS ® (C.A.R.) said today.
The REO bulk sales pilot program calls for the sale of nearly 500 Fannie Mae-owned foreclosed homes in the Los Angeles and Inland Empire areas to yet undisclosed institutional investors.
” We are disappointed that Fannie Mae and the FHFA fail to understand that this initiative will harm the communities in which it will be implemented and are going forward with this ill-conceived plan,” said C.A.R. President LeFrancis Arnold. ” Moreover, not only are Fannie Mae and FHFA moving forward with the plan, they are refusing to disclose any details, such as property locations, final property count, sales price, or names of winning bidders,” said Arnold.