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kpete

(72,898 posts) Mon Jan 9, 2012, 02:34 PM Jan 2012

Government Set to Sell Foreclosures in Bulk [View all]

Government Set to Sell Foreclosures in Bulk
Published: Monday, 9 Jan 2012 | 9:11 AM ET Text Size
By: Diana Olick
CNBC Real Estate Reporter

The Obama administration, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, CNBC has learned.

The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, is very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.

There currently are about a quarter of a million foreclosed properties on the books of Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), and millions more are coming.

The foreclosure processing delays of last year created a mammoth backlog of properties yet to be processed, which are just now being re-started. One of the initiatives of this program is for the federal government to be in the position to mitigate and manage any new wave of foreclosures, sources say.

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http://www.cnbc.com/id/45925851

92 replies

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Government Set to Sell Foreclosures in Bulk [View all] kpete Jan 2012 OP

I don't think I like this at all Autumn Jan 2012 #1

aGREED; this is more of the same. You(Obama) dance with who brung you. webDude Jan 2012 #46

On this one, I agree. It takes our neighborhoods from 'owned' to 'rented', and there's a difference LaydeeBug Jan 2012 #72

I think this sucks Mojorabbit Jan 2012 #2

Trouble with that is it rewards suboptimal behavior dmallind Jan 2012 #84

Yeah, god forbid we ever help people who actually need help. Fool Count Jan 2012 #90

No it doesn't dmallind Jan 2012 #91

Almost everyone I know that lost their house Mojorabbit Jan 2012 #92

What a load of crap. Hell Hath No Fury Jan 2012 #3

You got it. Vanje Jan 2012 #54

Serf city here we come...... MindMover Jan 2012 #4

More help for the rich at the expense of the poor, the modern American Way. harun Jan 2012 #5

Thanks, bookmarking. proverbialwisdom Jan 2012 #6

More socializing the risks, privatizing the profits. Bye, Bye Miss American Pie. leveymg Jan 2012 #7

"and millions more are coming" eyewall Jan 2012 #11

They are hoping to keep families in their home abelenkpe Jan 2012 #8

These homes are already foreclosed on. So this will not keep families in their homes. avaistheone1 Jan 2012 #34

from article abelenkpe Jan 2012 #47

How many will China buy FreakinDJ Jan 2012 #9

I was thinking Saudi Arabia, but yeah, what you just said. chalky Jan 2012 #39

I think these are homes where the people have long since vacated, and the government is paying Hoyt Jan 2012 #10

Then they shouldn't have booted the people who were taking care of the home for free out, now should Lionessa Jan 2012 #20

Should have funnelled the money for the banks through the borrowers ... SomeGuyInEagan Jan 2012 #23

Agree with that 100% -- but this is now. Hoyt Jan 2012 #27

+1 handmade34 Jan 2012 #52

They could sell them to individuals to live in. But they'll bulk them out like many of the north mbperrin Jan 2012 #28

+1 CrispyQ Jan 2012 #75

he's taking willard romney's advice. leftyohiolib Jan 2012 #12

We are trying to refinance via hardship on a Freddie Mac loan kitkat65 Jan 2012 #13

You might try this leftofcool Jan 2012 #43

Can you try refinancing w a different bank? abelenkpe Jan 2012 #55

Make the predatory investors usrname Jan 2012 #14

Rental streams will then be sold on insured against default of course dipsydoodle Jan 2012 #15

this is HOW you help main st? oh my..nt xiamiam Jan 2012 #16

Burn 'em down on your way out ... Myrina Jan 2012 #17

That is a profoundly stupid idea, and here's why... slackmaster Jan 2012 #78

You forgot to add that you would be spending a few years in prison for your troubles. former9thward Jan 2012 #86

That's not entirely bad, actually slackmaster Jan 2012 #87

Fannie Mae took my home. I wonder how much they'll dump it for and why didn't they just Lionessa Jan 2012 #18

Exactly. Why not sell them for cheap to the people who owned them in the first place? GreenPartyVoter Jan 2012 #26

Exactly. Unfortunately that doesn't make rich richer...... glinda Jan 2012 #58

What a great deal for the ONE PERCENT... CoffeeCat Jan 2012 #19

Wall St will broker the Deal for the Chinese Gov to purchase them FreakinDJ Jan 2012 #22

No, they won't. China has it's own very massive real estate bubble about to burst. Ikonoklast Jan 2012 #30

Ding, ding, ding! Give this 'un a ceegar! Answer of the thread. leveymg Jan 2012 #66

If I understand sulphurdunn Jan 2012 #21

Yep. Nt abelenkpe Jan 2012 #56

But our side is better than the other side. CrispyQ Jan 2012 #77

Yes finally I see that humbled_opinion Jan 2012 #24

"the government forecloses the house" greiner3 Jan 2012 #71

When I said government I meant humbled_opinion Jan 2012 #88

Here was my response to the WH. OmahaBlueDog Jan 2012 #25

+infinity! Roland99 Jan 2012 #31

Not one sale until Wall St. and the banksters face Hotler Jan 2012 #69

Excellent, excellent humbled_opinion Jan 2012 #89

Welcome to the all new and improved Middle Ages. mlevans Jan 2012 #29

This proposal was part of Bernake's White Paper to Congress, with the administration's blessing sad sally Jan 2012 #32

Well of course they are. Make damn sure no 'little people' get ahold of one. AtheistCrusader Jan 2012 #33

That's another great point--bundling keeps out the "average Joe/Jane"... CoffeeCat Jan 2012 #41

Human need, not corporate greed! Fire Walk With Me Jan 2012 #35

and the rich get richer paulk Jan 2012 #36

in other words...the very people who created this mess stand to FURTHER benefit from it noiretextatique Jan 2012 #37

Teh mostest progressive president EVAH11!!!11!!1 His approval among "Liberal Dems" must be near 100% Edweird Jan 2012 #38

They're not even bothering to spin this one a simple pattern Jan 2012 #40

Gotta release all of the dirt... CoffeeCat Jan 2012 #42

Follow the money, and watch who buys up most of these bulk loans. sarcasmo Jan 2012 #44

more corporate welfare for the elites USA_1 Jan 2012 #45

Mr. Obama is playing 13th dimension chess... and he really cares about his base. lib2DaBone Jan 2012 #48

K & R !!! - Thank You !!! WillyT Jan 2012 #49

When the homes sit idle, we call it Obama's fault. When the homes are rented, we call it Obama's McCamy Taylor Jan 2012 #50

You're right zipplewrath Jan 2012 #68

Anyone here ever hear of Frank Morales? Alameda Jan 2012 #51

Not just corrupt, it's criminal stuffmatters Jan 2012 #53

So, fuck all the renters? boppers Jan 2012 #59

Didn't this happen during the depression too? Nt abelenkpe Jan 2012 #57

"rentals" RUMMYisFROSTED Jan 2012 #60

Isn't this kind of what happened in Iceland? Or was that private banksters selling in bulk? AllyCat Jan 2012 #61

Freakin corrupt govt aholes could just create what was known as "Savings and Loans" just1voice Jan 2012 #62

So is this what the corporations sitting on record amounts of cash have been waiting for? bluesbassman Jan 2012 #63

More helping the poor by making the rich richer. caseymoz Jan 2012 #64

Disaster capitalism strikes again, Joe Shlabotnik Jan 2012 #65

Same thing was done in RTC when the S&L's folded CanonRay Jan 2012 #67

This certainly dotymed Jan 2012 #70

Make the rental prices drop 30 to 50%, that will fix the economy n/t AlphaCentauri Jan 2012 #73

SMH Mr Dixon Jan 2012 #74

Links to US Census data showing historic home ownership rates for the USA and by state... slackmaster Jan 2012 #76

I wonder if it would be possible for folks who were foreclosed on cap Jan 2012 #79

So instead of selling them cheap to indivuals who can buy them to live in... OneTenthofOnePercent Jan 2012 #80

I don't really like this idea all that much, but at the same time rbixby Jan 2012 #81

They should be giving away the houses to people who need them! Bastards! Odin2005 Jan 2012 #82

At least they are getting occupied again and I will FreedomVoice Jan 2012 #83

Sell to whom? aquart Jan 2012 #85