Rentals
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Makes a lot more sense to do this than let them sit empty:
The Obama administration, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, CNBC has learned.
The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.
There currently are about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), and millions more are coming.
The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, sources say.
11:13 pm
Great! So now loans that were paid off by American taxpayers will be used to enrich investors. They’ll get to pick up houses for under their worth because they’re buying in bulk. Meanwhile they’ll rent them out to the sap who lost the house for the same as what his old mortgage payment was(only he doesn’t get to keep it after 30 years.) Peachy!
6:55 am
More corporate welfare and breaks for the banks — Well what’s NOT to like about this cunning plan?!
Old Man Potter approves.
6:55 am
I see this is still a neoliberal blog.
9:36 am
Let’s define that term: caving in to the right = neoliberal
But but but…it’s the lesser of two evils! @TM
10:29 am
Jacob Lew and neoliberalism. Why Obama has surrounded himself with disloyal Clintonites is still an open question. Lew is one of those (Spec. Asst. to Clinton, 93-94). By making him his Chief-of-Staff, Obama pits Lew against Valerie Jarrett (a Bill Daley/Clintonite). One can only hope that these two egomaniacs will, in short order, do each other in. Only Blue Dog, Clintonite, Democrats are willing to compromise with Republicans. Tag them with being the neoliberals if you don’t mind.