Once again Obama proves he knows absolutely NOTHING about business.
WASHINGTON (AP) — The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices.
The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent homes owned by government-controlled mortgage companies Fannie Mae and Freddie Mac and the Federal Housing Administration.
The U.S. government rescued Fannie and Freddie in September 2008 and has funded them since the financial crisis. The mortgage giants own or guarantee about half of the nation’s mortgages and nearly all new mortgages.
With Uncle Sam sitting on a huge inventory of homes, it competes with private investors. No one would be interested. The best thing Obama could do is get out, let it fall and let investors pick it back up.
But Obama left Fannie too big to fail.
With each day Obama proves that FDR really did prolong the depression.
Really funny/stupid on so many levels.
What’s Obama gonna do when his tenants misbehave?
When they deal/grow/cook drugs, deal guns, set up cat houses?
When they ignore the standards of the nice neighborhoods they are in with regards lawn and landscape, cars on the lawns?
Our biggest problem with the one condo a couple ”walked away” from (now in foreclosure for months) is that the smoke detector’s battery ran down enough to chirp loudly.
I’d take that over a government renter any day!
Think it is hard to evict an tenant now?
Wait til your misbehaving neighbor/renter is a government renter!