How can they screw up housing even more?

Govt Considers Ways to Rent Foreclosed Homes...

A lot of my clients own rental property.
Three different ones that I know of bought foreclosed properties just this month.

What would happen if suddenly Uncle Sam got into the rental business with the millions of foreclosures now on the books?
Think of all the corruption possibilities.
Think of flooding the rental market, perhaps destroying those new investor's profits.

In fact, why own a home when you can live in exclusive "government housing" at a reduced rate?
And after your Pit Bull chews up the carpet and woodwork, move out.
Of course to be "fair" ANYONE will qualify to rent, even without a job, just as they did to get a mortgage a few years ago.

PS: Those Granite counter tops are great for cooking METH!

Edited by Rogerdodger, 22 July 2011 - 07:50 PM.

plus can you imagine the condition after a period of time of those houses rented to the underemployed masses. Can you say trashed properties? Just about anything the government touches is debased.

I don't mind the idea of a rental/equity model where a small portion of "rent" becomes equity. We can all identify rental properties as those that look worst cared for. If even a small portion of government rental became part ownership based on condition of property at exit, then MAYBE just maybe a win/win situation.

They're trying to find some way to get the deadbeats to pay. Renting it back to the defaulters when they're living rent-free on the premises. They won't have many takers.

A great philosopher (Ron White) once said: "YOU CAN'T FIX STUPID"

However it appears that locally one guy is taking matters into his own hands, at least with the $15K crack houses and meth labs:
North Tulsa is burning, is arson the cause?

And another found a less successful way to deal with too much inventory.
Tulsa real estate developer found guilty of arson

Edited by Rogerdodger, 23 July 2011 - 10:52 AM.

I don't mind the idea of a rental/equity model where a small portion of "rent" becomes equity.

What you are describing is essentially buying a home without making a down payment, without being responsible for paying property taxes or any upkeep of the home.
That is worse than the NINJA mortgages of the last decade. All the benefits, current and potential, of owning a home with none of the responsibilities.

Edited by milbank, 23 July 2011 - 10:58 AM.