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Based on the video clip in the link, her brief explanation of an REO isn’t correct. It isn’t REO until after the property is foreclosed and actually becomes bank-owned property. She said, “That’s what happens when a property goes to foreclosure.” No, Congresswoman, that’s not what happens.
But, yeah, let’s make jokes about a brain surgeon not knowing an acronym.
Based on the video clip in the link, her brief explanation of an REO isn’t correct. It isn’t REO until after the property is foreclosed and actually becomes bank-owned property. She said, “That’s what happens when a property goes to foreclosure.” No, Congresswoman, that’s not what happens.
But, yeah, let’s make jokes about a brain surgeon not knowing an acronym.
There is no need to make a joke, he made a fool out of himself and made a mocker of Congress, and it doesn't matter if the congresswoman doesn't know, it's his job to know as the Secretary of HUD, in fact he should be required to take and pass a real estate agents test to hold that position. Instead he's busy spending tax payer money on $30K dinette sets and $9K dishwasher for his office.
he doesn't know much about rental assistance either. When asked how many are on the wait list he said 100s of thousands when it's 4.4 million. That's not even counting the millions of people who would qualify for housing assistance but can't even get on a wait list.
or, you could participate in the same topic on the Politics Forum, where it clearly belongs and is thriving.
But this is a real estate topic. I don't go over there because it's a cesspool or hate and you are not free to share your opinion.
Had I posted it in the Food or Home forum that would have been wrong. Even though carson loves expensive dinettes and dishwashers.
Plus he's running HUD so any reasonable person thinks he should know the basics about it and he seems not to care or be interested in it or take the job seriously.
Based on the video clip in the link, her brief explanation of an REO isn’t correct. It isn’t REO until after the property is foreclosed and actually becomes bank-owned property. She said, “That’s what happens when a property goes to foreclosure.” No, Congresswoman, that’s not what happens.
But, yeah, let’s make jokes about a brain surgeon not knowing an acronym.
She was right, she just didn't go into the details.
From WIKI
Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
She was right, she just didn't go into the details.
From WIKI
Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
But, the details matter and, frankly, the REO reference doesn't even seem to fit with the topic of her questioning, based on the 49-second clip in the link you posted. There are numerous opportunities for a mortgagor to bring their account current before the foreclosure auction happens, if they have the willingness and ability to pursue them. They could even avoid a foreclosure by seeking a short sale or a deed-in-lieu of a foreclosure.
But, the details matter and, frankly, the REO reference doesn't even seem to fit with the topic of her questioning, based on the 49-second clip in the link you posted. There are numerous opportunities for a mortgagor to bring their account current before the foreclosure auction happens, if they have the willingness and ability to pursue them. They could even avoid a foreclosure by seeking a short sale or a deed-in-lieu of a foreclosure.
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
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