Mark my words this is yet another DISASTER waiting to happen. Taxpayers will be on the hook for this … wait and see if this plays out.
Anything to slow the process down to see what profits can be diverted to the mega rich! After all Fannie Mae Sells Homes For $200 To Investors, Driving Property Values WAY Down, so who cares anyway.
WSJ-
The Obama administration will announce plans Wednesday to seek investors’ ideas for turning thousands of foreclosed properties owned by government-backed entities into rental homes, according to administration officials.
The move is intended to put a floor under declining home prices by creating a way to deal with hundreds of thousands of potential foreclosures in coming years.
Mortgage giants Fannie Mae and Freddie Mac sold a record 100,000 homes during the second quarter. Together with the Federal Housing Administration, the entities owned about 250,000 homes at the end of June, or around half of all unsold, repossessed properties. Another 830,000 homes …
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
How can this help! It will only saturate rental markets not too mention courts across america when people stop paying their rent! Why would anyone pay their rent on a govt owned property? If the govt cannot manage the housing crisis now, how are they going to be able to manage millions of rental properties. Not too mention, if the GSE sells a property for $200.00 at auction, then their putting the renter that they just lodged, out!
So, you now have a further depression on rents will in turn cause more people to default on their mortgage, because RENTS no longer cover the gap! Then introducing huge supplies of inventory of rentals is only going to further suppress the reason for anyone to buy a house! Why would someone buy a house when they can rent the same house for 1/2 monthly mortgage! Does anyone on the hill have their head OUT of the sand?
I don’t see how renting out empty foreclosed homes can be a disaster!! Especially if rented to the people occupying them or use to…I am thinking of the well being of the average American displaced by this horrific disaster and losing their home…renting back to them is a great idea!! There are many private companies available and able to manange such a venture!
I find it strange the #1 REO guy at Fannie Mae is the one who is the owner of the LLC created in Florida. Am I understanding this right? Fannie Mae deeded these property to one of their employees who is going to manage the properties and make a personal profit of 20% for “management” – what a deal!
can I have a link? or email me stopforeclosurefraud at gmail dot com