U.S.Seeks Ideas on Renting Out Foreclosed Property
By EDWARD WYATT
Published: August 10, 2011
WASHINGTON— Uncle Sam wants you — to rent a house from Uncle Sam.
The Obama administration said on Wednesday that it was soliciting ideas on how to turn the federal government’s inventory of foreclosed houses into rental properties that could be managed by private enterprises or sold in bulk.
The goal, the administration said, is to stabilize neighborhoods where large supplies of empty, foreclosed properties have hurt property values. In addition, the plan is an effort to clear the nation’s balance sheet of real estate holdings that, because they have been difficult to sell individually, have hung over the housing market and stunted sales of existing homes and new construction. Continue reading
Gretchen Morgenson is one of the more astute journalists in our country writing with insight for the NY Times about Wall Street and foreclosure frauds. First thing this morning I was alerted to her latest article calling attention to the fact that the banks may be misrepresenting their profits (ya think? – I’m shocked). I’m wondering about the rest of the expenses the banks don’t seem to be paying or claiming on their books – like insurance, HOA fees, taxes, maintenance… these are sizable figures and no one seems to be making them accountable.
Deadly Clear 