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Real Name: ROBERT SABERHAGEN Member Since: March 14, 2006 Last Signed In: September 04, 2008 Profile Views: 307 Blog Views: 1225 What hypocrisy! Where Is The Shame? Cost Of War AP: Party can't even watch its own cash, much less yours. What happens to millions of foreclosed homes? Republicanism doesn't work so why not try centrism? Scarlet Letter Redux It's a sick world some want. Blog hosts with chainsaws; should they have deletion power? So, Bakersfield might soon have its very own Hooters. Yay. December 07 January 08 February 08 March 08 April 08 May 08 June 08 July 08 August 08 September 08 
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What happens to millions of foreclosed homes?
Bush is now paying lip service to some of the people impacted by his administration's failure to regulate the industries ripping them off and failure to enforce existing consumer protection laws against such abuses. A "less government" Republican suddenly calling for more regulation after the the wolves have cleaned out the chicken coop is nothing short of ludicrous. Next, he will ask for legislation to bail out the thieves of the financial industry with billions. Hey, wait a minute, maybe the financial industry could borrow some of the trillions of profit the oil industry is raking in. Or why don't the big lender owners of all the foreclosed properties rent them out at fair market rental prices or lease them with long term rent-to-own options and at least keep the homes occupied with their former owners or others in need of housing rather than shuttering and "abandoning" them and letting neighborhoods become blighted with rapidly decaying houses which further erode property values? Naaah. that would be too logical. How about a modified HUD-style housing program whereby the government purchases at actual value or even siezes abandoned properties eminent domain-style from the lenders and makes them available for sale or rent at fair market value? Or.......?
8 comments from 6 users
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posted by
Bakersfieldbubble
on Feb 12, 2008 at 08:25 AM
I have been screaming since 2004 for some action. This administration is only concerned now that the Big Bank and Wall Street are starting to feel the pain with close to $500 billion in bad debts and more to come. Its too late to do anything now anyway. Millions lost their homes last year and millions more will lose them this year and in 2009. This is only meant as a way to help the big money contributors. Just another day in America! posted by
robbwillis
on Feb 12, 2008 at 08:29 AM
They're suspending foreclosures for 30 days. What a joke... posted by
Bakersfieldbubble
on Feb 12, 2008 at 08:29 AM
Some analysis of today's latest "gimmick" plan by the Cheney Administration: http://globaleconomicanalys...
posted by
AudreyB
on Feb 12, 2008 at 08:31 AM
America bailing out people who made stupid choices. And why is that news? posted by
Lingtaowoo
on Feb 12, 2008 at 08:31 AM
Bailing out.....you mean like Chrysler and the S & L's years ago..... posted by
witbee
on Feb 12, 2008 at 08:31 AM
The lenders are still cutting their own throats. I have been house shopping for months and they are horrible to deal with. I put offers on foreclosed homes bidding the full price or just under and I will often never hear from the banks. Or the banks will withdraw the house from the market. The offers are always on the high end of the area comps. The banks would rather lit the homes rot than deal with them. Most of these houses I bid on sold for less than they are asking now. The listing agents are often oblivious. The "foreclosure specializers" have dozens of properties listed and can't keep up. I put a bid in with one guy thru my agent. My agent called and emailed this guy's office for weeks trying to get an answer and finally gave up. As a result, the house is still sitting there empty. When I see this guys name on a listing I don't even bother to look at it. And don't get me started on short sales. Bidding on a short sale is a nightmare. Often it takes months to hear back once a bid is submitted. You would think the lenders/owners of these properties would streamline this a bit. posted by
Bakersfieldbubble
on Feb 12, 2008 at 08:41 AM
You would think the lenders/owners of these properties would streamline this a bit. That is the reason for today's "plan". The banks are flooded with homes they can't keep up. This is not about helping homeowners, this is about the banks trying to slow down the tsunami of defaults. "jingle mail" is killing these guys, people are walking away on underwater homes in droves and they are colluding to try and stop this from happening. Unfortunately, if we don't watch out we will end up like Japan and have 15 years of declining real estate values. We need to let the market work it self out. Government intervention is what Japan tried and they only prolonged the mess. They allowed the big banks to hide losses and delay writedowns. This action will not work, just like all the other Bush & Paulson intitiatives have failed. The time for action was before this mutil trillon dollar problem began!
posted by
saberhagen
on Feb 13, 2008 at 08:37 AM
Bakersfieldbubble says: "The time for action was before this mutil trillon dollar problem began!" Decades of governmental failure to regulate profiteering financial and other industries has resulted in disastrous economic events which may be irreversible for many years to come. Hopefully, this does not yet signal the complete failure or fall of the capitalist American empire. It might not be too late to stop the slide and reverse course. But it will take some intelligent, insightful, honest leadership to repair the economic carnage wrought by unbridled greed and set a stable, regulated economic course that keeps the takers, middlers and thieves in check.
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