” Perhaps the most controversial development in America’s housing “recovery” is the role played by large private equity firms. In recent years, they have bought up more than 200,000 mostly foreclosed houses nationwide and turned them into rental empires. In the finance and real estate worlds, this development has won praise for helping to raise home values and creating a new financial product known as a “rental-backed security.” Many economists and housing advocates, however, have blasted this new model as a way for Wall Street to capitalize on an economic crisis by essentially pushing families out of their homes, then turning around and renting those houses back to them.
What if you fell behind on your mortgage? Then by taking out a loan you were able to save your house and the lender made a profit off the loan. THEN, they came and took your home ANYWAY!
Why are we closing Fannie Mae, to help Banks, again. Housing needs the government to back residential loans. We have this faulting thinking about government agencies, “if it’s broke close and start another agency from the ground up.” Or, let businesses, in this case BANKS (hmm), control and regulate themselves and the industry. That sounds like what we’ve just been through – liberal banking, government intervention, start all over from the beginning.
Not only has Fannie Mae done its job, it’s paid it’s loan off with interest. The government MADE money. As was the case with the Auto industry. Let’s fix what’s broken, we’ve wasted enough time and money.
” Meanwhile foreclosure starts in the first quarter increased from a year ago in 19 states, including New Jersey (up 83 percent), Maryland (up 43 percent), Indiana (up 38 percent), Delaware (up 24 percent), Connecticut (up 13 percent), and California (up 10 percent). The increase in California was the first annual increase since the second quarter of 2012, and the first double-digit percentage increase since the fourth quarter of 2009.”
“There were a total of 43,000 completed foreclosure in February, CoreLogic said today. This was 15 percent fewer than in February 2013 when foreclosures numbered 51,000. It was also 7,000 fewer foreclosures than in January 2014, a decrease of 13.1 percent. The company said that since the financial crisis began in September 2008, there have been approximately 4.9 million completed foreclosures nationally. “