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Our government has lost its mind.  Derek Kravitz of Associated Press (AP) in an article entitled "Government might turn foreclosures into rentals."  This has got to be the biggest fiasco I have ever seen.  So now that they own all these properties, they have come up with the bright idea of renting them.  Don't take my word for it, here is an excerpt from the article"
"Converting the homes into rentals may reduce “credit losses and help stabilize neighborhoods and home values,” said Edward DeMarco, "acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.
This just brings up a series of questions::
What basis will they use to determine the rental rates?
Doesn't this go against the rule that the government should not  compete with private businesses?
Frankly, banks and government ought to be out of the real estate business. 


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Comment balloon 20 commentsC. Lloyd McKenzie • August 30 2011 12:23AM


I agree with you! I am NOT ready for government to be the landlord of record on millions of properties.

Posted by John Michailidis, Real Property Management of Sarasota & M (Real Property Management of Sarasota & Manatee) almost 8 years ago

Good Evening C Lloyd, thank you for providing the link to the original article.  It is hard to believe the government would consider the possibilities.

Posted by Dan Edward Phillips, Realtor and Broker/Owner (Dan Edward Phillips) almost 8 years ago

I agree with you. government has no idea what they are doing the foreclosures now so who give them the idea that they can handle the duties as a landlord. We see what a mess they made with section 8 program. So government stay out of the rental market.

Posted by Henderson Jones (HA jones realty and management) almost 8 years ago

Insane could be an understatement! How on earth could the feds trying to play landlord when they cant ever do anything that is successful now take on this? Maybe its me but how do renters help stabilize housing. Not only are they not being sold but if they aren't good neighbors and take care of the place they run it down and know they can leave but the owners are stuck???


Way to go brain trust on capital hill chalk this upo as another of your perfect string of failures should you try to implement

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) almost 8 years ago

This will be BAD on so many levels - these properties will NEVER be REsold; neighborhoods will suffer as properties become neglected AND local and state tax rolls will not benefit from the real property taxes

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 8 years ago

Today I saw a commission discussing the removal of the homeowners exemption discuss the fact that homeownership may be bad.  That renting is a real positive because the person living a long way from a job as a renter just moves.  It doesn't work that way for homeowners.  They actually thought that jobs could be anywhere and the homeowner is not taking them because he is stuck.  Dumb.

Posted by Tim Lorenz, 949 874-2247 (TIM LORENZ - Elite Home Sales Team) almost 8 years ago

C Lloyd, our government lost its mind a long time ago. It's interesting how homeowners have been defrauded by Wall Street, foreclosed on by their lender, and now they get to rent back from their government. I don't think it gets much weirder than this, except for maybe Government sponsored Soylent Green "bread" lines.

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) almost 8 years ago

I like Wallace's comment:  "This is bad on so many levels".  We're talking about the Federal government that can't even deliver the mail so how can they keep neighborhoods from turning into disaster areas? 

Posted by Doug Bullwinkel, Mortgage Loan Originator NMLS #281609 (Envoy Mortgage, NMLS 6666) almost 8 years ago

Another step forward in Obama's Socialization of America

Posted by Gerry Michaels, GettysburgGerry Social Meida (Glasswork Media Arts) almost 8 years ago

Since the government is going out of its way to help nomeowners become renters, it's only logical that it provide as much public housing as possible.  After all, who is a better landlord than Uncle Sam?  The present state of affairs in Washington is the result of twisted academics testing all their defective theses. 

Posted by Mike Carlier, More opinions than you want to hear about. almost 8 years ago

This is crazy I see so many scams on this another fiasco coming on! The government can't do what they're supposed to do..much less do something that takes a business person with a specialization in that do!

Posted by Yolanda Cordova-Gilbert almost 8 years ago

Really bad idea.  I think they need to work on getting the government back on track and stay out of real estate.

Posted by Kay Van Kampen, Realtor®, Springfield Mo Real Estate (RE/MAX Broker, RE/MAX) almost 8 years ago

It would be great if they got really good at doing a few things well as oppossed to a lot of things half-assed. They've historically had such great success at federal housing programs, this one is going to be quite a deal.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) almost 8 years ago

Good morning Lloyd.

Thank you for sharing the link.

Have a great day.

Posted by Joshua Zargari, MJ Decorators Workshop (MJ Decorators Workshop LI staging and home decorating) almost 8 years ago

I found your post from a reblog.  I could have gone all year without this depressing news!  GEEEZ, can we really trust our government officials to get anything right? GRRRRR!

Posted by Lisa Dunham, Associate Broker, Alexandria Virginia Real Estate almost 8 years ago

"Homes in foreclosure sell at a 20 percent discount on average, which can hurt prices of surrounding homes."

Which begs the question, do they believe that having huge numbers of government owned rental units in the neighborhood is going to enhance local property values????

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) almost 8 years ago

Not sure who could do a worse job, the government or the banks?  Pretty scary scenario.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 8 years ago

Happy Labor Day Everyone.,

Thank you for your very perceptive comments.  Are these the decisionmakers that we are electing?  Maybe we ought to start  thinking before we cast our ballots.

It's funny...many of the people who are suggesting that government is the problem, are themselves in the government. Let's start paying close attention to the double-talk

I do not mind having the government do what's it is designed to do...I just do not like when it over-steps it's authority.  


Posted by C. Lloyd McKenzie, Living Albuquerque almost 8 years ago

Landlord, hell, can you imagine the management fees we'll see with this proposal.  That's where the profit taking will be.  It is starting to make more sense but certainly not in a good way which benefits us.   

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) almost 8 years ago

I think you're too young to remember the S&L crisis in the 1970's ;-)  That hit really hard in the Los Angeles area, which is where I hail.  The S&L's lost so much and the foreclosure rate was amazing.  Large investment firms came in a scooped up blocks and blocks and blocks at a time in some areas.  They created a very bad situation, devastating the local economy for years.  This plan is nothing more than what happened in some areas in LA years ago, only instead of the private investors the government will become the latest. 

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 8 years ago