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Here is a website that may help Secretary Carson with relevant terminology used by his department regarding inventory acquisition and disposition for which he is responsible:
Home / Program Offices / Housing / Single Family / REO /
HUD Homes (REO)
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Buying HUD Homes
HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties.
Yes, the housing crash happened during Bush Jr's last year in office, and Obama was left to clean up the mess and he did a great job and Trump is riding his coattails and taking credit. What Trump did was make the rich richer by giving them tax cuts at the expense of the budget deficit. Today he wants more government welfare in the form of $18 billion to help the farmers that he hurt with this tariffs.
Actually, the last housing crash started with a run-up due to policy changes during the Clinton administration. It started to turn towards the end of the Bush administration and carried into the Obama administration. The market started to turn around again towards the end of the Obama administration and has carried into the Trump Administration. It's all cyclical and probably would have happened to whatever party followed the Clintons, it just happened to be a Republican in office.
That being said, this thread is derailing into politics, one of my least favorite discussions ever. Take it over the politics forum and argue all you want. This board isn't the place for it. I agree with the other poster. Politics is a cesspool, and it's funny you don't want to post in the politics forum because of the "hate", but you're doing exactly that here. You're such a hypocrite spreading your hate and lies. And no, I'm not a Republican, I would consider myself a Libertarian. I just don't want to see people spreading hate and lies, regardless of the guise you do it under.
Last edited by Brandon Hoffman; 05-25-2019 at 06:14 PM..
Actually, the last housing crash started with a run-up due to policy changes during the Clinton administration. It started to turn towards the end of the Bush administration and carried into the Obama administration. The market started to turn around again towards the end of the Obama administration and has carried into the Trump Administration. It's all cyclical and probably would have happened to whatever party followed the Clintons, it just happened to be a Republican in office.
That being said, this thread is derailing into politics, one of my least favorite discussions ever. Take it over the politics forum and argue all you want. This board isn't the place for it. I agree with the other poster. Politics is a cesspool, and it's funny you don't want to post in the politics forum because of the "hate", but you're doing exactly that here. You're such a hypocrite spreading your hate and lies. And no, I'm not a Republican, I would consider myself a Libertarian. I just don't want to see people spreading hate and lies, regardless of the guise you do it under.
Your personal insults only show me the kind of person you are. As far as taking it back the Clinton Administration I'm surprised you didn't go back to George Washington's. This was not a normal cycle anyway it was one of obscene greed and theft by the banks and Wall Street that caused the housing collapse.
Your personal insults only show me the kind of person you are. As far as taking it back the Clinton Administration I'm surprised you didn't go back to George Washington's. This was not a normal cycle anyway it was one of obscene greed and theft by the banks and Wall Street that caused the housing collapse.
See, you can't you have a rational conversation revolving around facts you're so worked up. This is why you shouldn't discuss politics if you can't be open minded and consider facts. I gave you facts. The last run-up was a result of changes made by the Clinton administration. You can look it up if you want, but I'd rather not get into it.
It's not worth discussing with you anyway, because it's impossible to have a rational discussion with you since your argument revolves around emotion and hate. I mean, I posted facts, and your response was that it showed you "the kind of person I was". Well, you are correct in that regard. I am open minded and willing to listen and consider facts, and I think my post did indeed reflect that. If not, I'd have just trashed Bush or Obama one, since apparently for some people it's blasphemy to cross a party line and call a spade a spade. I don't care if you ride a donkey or elephant.
That's not the point,. The point is the HUD secretary should know what an REO is and then correct her is she's mistaken. She gave the briefest definition. Carson didn't ask her what happens if people make their account current. Ben Carson doesn't know a deed in lieu from Babaloo and that's the problem because he's the head of HUD/FHA
Not all states use the same terms or "work" the same way when it comes to real estate transactions.
A property being REO is not really a part of the foreclosure process.
It can be an end result of & after a property has been foreclosed on.
Saying a short sale is part of the foreclosure process would make more sense (although a SS is not always an option or granted, but takes place BEFORE a property is foreclosed on).
Banks buy back properties after they have been foreclosed on.
Not all states use the same terms or "work" the same way when it comes to real estate transactions.
A property being REO is not really a part of the foreclosure process.
It can be an end result of & after a property has been foreclosed on.
Saying a short sale is part of the foreclosure process would make more sense (although a SS is not always an option or granted, but takes place BEFORE a property is foreclosed on).
Banks buy back properties after they have been foreclosed on.
He didn't know what the letters REO stood for much less the meaning. He does know his cookies.
He didn't know what the letters REO stood for much less the meaning. He does know his cookies.
I'd bet he knows what a "bank owned" and a HUD owned property "means".
"Real Estate Owned".
Real estate that is owned by whom/what?
Should be REOBB (By Bank, at the end)...anywho:
The department if Housing and Urban Development was created by LBJ as part of the "war on poverty".
It's "mission" is:
Quote:
The Department of Housing and Urban Development is the Federal agency responsible for national policy and programs that address America's housing needs, that improve and develop the Nation's communities, and enforce fair housing laws. HUD's business is helping create a decent home and suitable living environment for all Americans, and it has given America's communities a strong national voice at the Cabinet level. HUD plays a major role in supporting homeownership by underwriting homeownership for lower- and moderate-income families through its mortgage insurance programs.
That last sentence might be why there are so many foreclosures. And this congresswoman from California should already know this, based on the great sanctuary state she lives in and represents.
Here's how it works (in my years of being a RE investor):
HUD/ Fannie/Freddy gives loans to those who can't qualify for a conventional loan.
Then the HUD mortgagor stops paying that pesky monthly bill.
HUD Mortgagor get foreclosed on. It becomes a "HUD House".
First dibs for those who are going to live in the house, not flip the ****hole (they are always ****holes, trust me) and teachers/firemen/firewomen. When none of those folks bite, the properties are open to investors, etc.
I don't remember exactly how it all works & b/c I don't do HUD owned properties - they tend to be the worst of the worst. Meaning that not only did they take the kitchen sink? They took the entire kitchen. And left holes in walls and ceilings, smashed toilets and tubs, etc.
My favorite HUD property (waiting for it to get out of "for teachers, etc. first" )? These people took everything BUT the kitchen sink (full of dirty dishes in disgusting/dirty/smelly water)....but they left every first communion pic of their 7 kids nailed up in the hallway.
What is HUDs primary focus?:
Quote:
The primary programs administered by HUD include:
Mortgage and loan insurance through the Federal Housing Administration
Community Development Block Grants (CDBG) to help communities with economic development, job opportunities and housing rehabilitation;
HOME Investment Partnership Act block grants to develop and support affordable housing for low-income residents;
Rental assistance in the form of Section 8 certificates or vouchers for low-income households;
Public or subsidized housing for low-income individuals and families;
Homeless assistance provided through local communities and faith-based and other nonprofit organizations;
Fair housing public education and enforcement.
I don't see foreclosures or REOs in there.
Do you?
Last edited by Informed Info; 05-26-2019 at 10:41 PM..
I'd bet he knows what a "bank owned" and a HUD owned property "means".
"Real Estate Owned".
Real estate that is owned by whom/what?
Should be REOBB (By Bank, at the end)...anywho:
The department if Housing and Urban Development was created by LBJ as part of the "war on poverty".
It's "mission" is:
That last sentence might be why there are so many foreclosures. And this congresswoman from California should already know this, based on the great sanctuary state she lives in and represents.
Here's how it works (in my years of being a RE investor):
HUD/ Fannie/Freddy gives loans to those who can't qualify for a conventional loan.
Then the HUD mortgagor stops paying that pesky monthly bill.
HUD Mortgagor get foreclosed on. It becomes a "HUD House".
First dibs for those who are going to live in the house, not flip the ****hole (they are always ****holes, trust me) and teachers/firemen/firewomen. When none of those folks bite, the properties are open to investors, etc.
I don't remember exactly how it all works & b/c I don't do HUD owned properties - they tend to be the worst of the worst. Meaning that not only did they take the kitchen sink? They took the entire kitchen. And left holes in walls and ceilings, smashed toilets and tubs, etc.
My favorite HUD property (waiting for it to get out of "for teachers, etc. first" )? These people took everything BUT the kitchen sink (full of dirty dishes in disgusting/dirty/smelly water)....but they left every first communion pic of their 7 kids nailed up in the hallway.
What is HUDs primary focus?:
I don't see foreclosures or REOs in there.
Do you?
The point is that Ben Carson doesn't know anything about the department he's supposedly heading and has so little respect for it that he does not familiarize himself with the most basic or terms associated with his position.
A Cabinet Secretaries job is to be able to competently testify before Congress. It is a big part of "managing". Why? Congress is where the money comes from. Any organization's executive level management's primary job is to talk to stockholders, investors, partners, and lenders on an ongoing basis.
I meet with my lender at least quarterly and email them monthly financials. I review and understand everything beforehand so I can answer questions. Since I do a good job at this my lender views me as a competent source of both specific information about my business and the market as a whole. This recognized competence gets me money when I need it for a project since the assumption is I know what I'm doing.
Government works the same way. When Executive branch members show competence and understanding of an issue Congress is more likely to go along with their funding and policy change requests. So yes, after two years, not knowing basic terminology is incompetence. He and every other Cabinet member has staff just to prepare him for these hearings. It's indefensible he didn't have those basics, and it's a sign he doesn't have any grasp of policy.
If he doesn't have a grasp of basics or policy how could he even tell if his subordinates are doing their jobs effectively? He can't.
Congress has been a partisan institution for 200 years so it's not like anyone shouldn't expect inside fastballs to try and trip them up. But he is getting crossed up on softballs. If he was in charge of a private business the board would can him for it.
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