WASHINGTON (AP) -- The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices.Who here thinks that the Federal Government will make a lousy landlord? Can you imagine the rental contract? 1000 pages of legal gobble-de-gook mandating no-smoking, no fire arms, no anti-government dissent (unless liberal), backed up by federal agents with guns but no sense of humor?
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.
At the end of last month, the government owned roughly 248,000 foreclosed homes, officials said. About 70,000 of those are listed for sale. But officials expect the number of foreclosures to soar in the coming months...
Thursday, August 11, 2011
Uncle Sam Proposes to Become Landlord Sam
Government considers turning foreclosures into rentals