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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.
He knows a lot about public housing, he knows a lot about growing up poor and black in America.
What do you know about any of that? Seems as if you're just in it to bash a conservative.
Carson said that after his parents divorced, his mother, his brother, and he moved from Detroit to Boston to "live with relatives in tenements."
"There was pretty horrendous violence ... gangs, broken glass, and boarded up windows and doors, murders — I had two cousins who were killed," he said. "I remember as a 9-year-old kid, sitting on the ghetto stairs, looking to the building across the street, out of which all the windows had been broken. And there was a sunbeam shining through, and it made me think about my future. And I remember thinking I probably won't make it to 25."
...
Referring to critics, he said, "A lot of people have said, 'Well, Carson's a hypocrite, because he grew up very poor, must have depended on some government programs, and now he wants to remove all of the safety net and government programs' — which is a bunch of crap, by the way. People come up with this stuff because it fits their narrative. There is no way in the world I would ever want to do that.
"But what I do want to do is create ladders of opportunity, so that people don't have to be dependent," he said. "Government should not keep people in a dependent state. It should be used as a springboard, and not as a hammock."
It's not unusual, It's Real Estate Owned as opposed to being owned by an investor or a homeowner, it's not brain surgery to know that.
Blackstone owns a few hundred thousand homes.
I wouldn't call them REO with the exception of homes they took back from borrowers, when they were the lenders.
Blackstone owns a few hundred thousand homes.
I wouldn't call them REO with the exception of homes they took back from borrowers, when they were the lenders.
Ben would not call anything REO because he doesn't know what the letters stand for.
Ben would not call anything REO because he doesn't know what the letters stand for.
Yeah, you've sort of beat this point into the ground.
Carson was given this job not because he's an insider real estate/housing/banking crony capitalist or lifetime politician, but because he's an outsider with some innovative ideas and willing to think outside the box.
Yeah, you've sort of beat this point into the ground.
Carson was given this job not because he's an insider real estate/housing/banking crony capitalist or lifetime politician, but because he's an outsider with some innovative ideas and willing to think outside the box.
HUD insures, currently, nearly 8 million residential loans, and over 14,000 multi-family projects.
3.7% of FHA loans went into seriously delinquency in 2018, and HUD guarantees the lender against loss.
That would appear to be potential HUD REO inventory of about 300,000 units.
Pick your own average price and extend it by 300,000.
A conservative mean FHA loan value of $200,000 would equal $60 Billion in potential inventory churn.
I give up on finding the good stats on how many serious delinquencies resulted in HUD REOs. Suffice to say, this is not an unimportant topic for the regulators.
HUD REOs are a significant budgetary item, and the common term "REO" should not have escaped Mr. Carson after a couple of years, methinks.
HUD insures, currently, nearly 8 million residential loans, and over 14,000 multi-family projects.
3.7% of FHA loans went into seriously delinquency in 2018, and HUD guarantees the lender against loss.
That would appear to be potential HUD REO inventory of about 300,000 units.
Pick your own average price and extend it by 300,000.
A conservative mean FHA loan value of $200,000 would equal $60 Billion in potential inventory churn.
I give up on finding the good stats on how many serious delinquencies resulted in HUD REOs. Suffice to say, this is not an unimportant topic for the regulators.
HUD REOs are a significant budgetary item, and the common term "REO" should not have escaped Mr. Carson after a couple of years, methinks.
He obviously mis-heard the question, then spaced the definition of REO. I've been there.
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