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The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
It's like a pyramid scheme.
The banks are all basically insolvent.
Obama gave banks a tool called "FUTURE VALUE" to fake the books to look solvent.
Banks can't sell a home in this market and take huge loses, so many are held and not sold so they can be more valuable on the books.
Example: LV home was 300k, now worth 130k and rather than show a 170k loss on the books "FUTURE VALUE" allows them to keep it on the books for more, maybe for 400k in this example above.
Obama wants to find a way to rent these homes so banks don't have to sell them at this loss hoping to allow the pyramid book keeping to keep going.
Seeing Obama operate in the past I can envision some form of government rental system controlled by government union workers. we will see.
This article is telling us we are in far worse shape than most know.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
It's like a pyramid scheme.
The banks are all basically insolvent.
Obama gave banks a tool called "FUTURE VALUE" to fake the books to look solvent.
Banks can't sell a home in this market and take huge loses, so many are held and not sold so they can be more valuable on the books.
Example: LV home was 300k, now worth 130k and rather than show a 170k loss on the books "FUTURE VALUE" allows them to keep it on the books for more, maybe for 400k in this example above.
Obama wants to find a way to rent these homes so banks don't have to sell them at this loss hoping to allow the pyramid book keeping to keep going.
Seeing Obama operate in the past I can envision some form of government rental system controlled by government union workers. we will see.
This article is telling us we are in far worse shape than most know.
So we'll have section 8 squatters move in not take care of the property thus reducing the value of the homes around them. Take that you evil rich homeowners.
So we'll have section 8 squatters move in not take care of the property thus reducing the value of the homes around them. Take that you evil rich homeowners.
... and they will bring their criminal relatives with them.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
It's like a pyramid scheme.
The banks are all basically insolvent.
Obama gave banks a tool called "FUTURE VALUE" to fake the books to look solvent.
Banks can't sell a home in this market and take huge loses, so many are held and not sold so they can be more valuable on the books.
Example: LV home was 300k, now worth 130k and rather than show a 170k loss on the books "FUTURE VALUE" allows them to keep it on the books for more, maybe for 400k in this example above.
Obama wants to find a way to rent these homes so banks don't have to sell them at this loss hoping to allow the pyramid book keeping to keep going.
Seeing Obama operate in the past I can envision some form of government rental system controlled by government union workers. we will see.
This article is telling us we are in far worse shape than most know.
The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter
Stabilize? The same market it inflated and then destroyed?
Yeah were in good hands with our central planers.
Last edited by Frank DeForrest; 07-22-2011 at 04:44 PM..
Will this be a way to place Section 8 applicants into otherwise decent neighborhoods?
Remember the "Obama's gonna fill my gas tank and pay my mortgage!" lady? She'll be moving into that empty home in your neighborhood along with her 7 kids (by 7 different guys...)
Gerald Celente of Trends Forecasting predicted squatters in abandoned/foreclosed homes a couple of years ago. He has been spot on with a number of his predictions about the current economic times.
All the while, us tax payers once again subsidize, perpetuating rewards for no productivity to society.
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