Turning Foreclosed Homes into "Affordable Housing"

[Skull Pilot]

Yes sir ree all them empty foreclosed houses sure are great. Why I bet that when neighborhoods have 50% or more of the houses empty and declining, I guess you repubs think that is great for property values. And the more property values decline the greater the cheerleading from the Repubs. You know why they cheer? Cause most states fund education through property taxes. And less property taxes means more cuts in education and that seems to be what RZepubs want. A less educated, dumber population.

Course the more stupid you are, the more likely to vote Republican. I see your strategy now.

Yeah we all know that government housing really improves neighborhoods. Just think you'll be able to buy crack on the corner now.

 

[FireFly]

And we all know that nothing sends home values skyrocketing better than moving a bunch of Section 8s into the neighborhood!

If we could somehow mandate that section 8 tenants be moved into houses next to every government official & investment banker, I might find a way to support that. Those superzip schools could use some more diversity. At least when the scum starts to riot they will hit the correct people instead of taking it out on the small main-street storefronts.

 

[CrusaderFrank]

We should force all UAW members to move to Detroit, that will help the housing market

 

[8537]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

Yes, government did such a great job setting underwriting standards under F/F that they should double down and now convert the home to "Affordable housing" What could possibly go wrong?

Well yes, actually - they set better underwriting standards than the private sector secondary market. That's why the default rate is so much higher in the private sector market.

This is why I say that the American Left is economically to the left of real Communists in China and Vietnam who have abandoned the very notion that government control is good or desirable and now understand that a government run economy means failure and poverty.

Vietnam and China both have far higher levels of government spending to GDP, and China has one of the most aggressive industrial policies in the world - all government managed. The government spends more on infrastructure than the US, more on subsidies, and more on business development.

I'm trying to remember why I had any respect for your opinion at all and I''ll be damned if I can think of any reason.

You are very confused.

 

[8537]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

And we all know that nothing sends home values skyrocketing better than moving a bunch of Section 8s into the neighborhood!

Precious.

 

[CrusaderFrank]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

Yes, government did such a great job setting underwriting standards under F/F that they should double down and now convert the home to "Affordable housing" What could possibly go wrong?

Well yes, actually - they set better underwriting standards than the private sector secondary market. That's why the default rate is so much higher in the private sector market.

This is why I say that the American Left is economically to the left of real Communists in China and Vietnam who have abandoned the very notion that government control is good or desirable and now understand that a government run economy means failure and poverty.

Vietnam and China both have far higher levels of government spending to GDP, and China has one of the most aggressive industrial policies in the world - all government managed. The government spends more on infrastructure than the US, more on subsidies, and more on business development.

I'm trying to remember why I had any respect for your opinion at all and I''ll be damned if I can think of any reason.

You are very confused.

You're a fucking tool, a liar and a moron.

F/F will cost over $200B to bail out when all is said and done and they set the de facto AAA credit standard for No Income No asset paper. Yeah, except for that, they did a great job underwriting.

When they were a government run Progressive Utopia Vietnam used to have to import 1 million tons of rice annually to keep everyone from starving to death, North Korea, the other government run Utopia doesn't bother with the rice. Since adopting free market agricultural reform, Vietnam is now the worlds second largest exporter of rice

Oh, and

 

[HereWeGoAgain]

Yes sir ree all them empty foreclosed houses sure are great. Why I bet that when neighborhoods have 50% or more of the houses empty and declining, I guess you repubs think that is great for property values. And the more property values decline the greater the cheerleading from the Repubs. You know why they cheer? Cause most states fund education through property taxes. And less property taxes means more cuts in education and that seems to be what RZepubs want. A less educated, dumber population.

Course the more stupid you are, the more likely to vote Republican. I see your strategy now.

Yeah, like having a bunch of trashy people move in with juvenile delinquents for children is gonna be a real boon for the neighborhood.

I've seen it happen. Nothing like having a neighbor who pays 200 bucks a month for the same house you pay 800 bucks for and then watch them turn it into a shithole.

In the end you have a neighborhood full gov housing that turns into a ghetto.
And the people who bought homes there get screwed.

 

[Soggy in NOLA]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

Oh, so the banks are just going to give the houses away?

 

[CrusaderFrank]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

Oh, so the banks are just going to give the houses away?

For the chillun...

to combat global warming

 

[Oddball]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

And we all know that nothing sends home values skyrocketing better than moving a bunch of Section 8s into the neighborhood!

Precious.

Yeah, well who the hell do you think is going to move into those houses?

 

[syrenn]

Two senior Democrats today outlined a measure to let municipalities and a state corporation buy foreclosed homes and offer them to low- and moderate-income residents in an effort to increase the supply of affordable housing and reduce the number of vacant houses.

The bill (S1566), which was introduced last week by Lesniak and state Sen. Barbara Buono (D-Middlesex), would form the New Jersey Foreclosure Relief Corporation — with a five-year life span — to buy foreclosed homes.

Under the proposal, municipalities where the houses are situated would have 45 days to decide whether to buy the houses through the state’s $268 million affordable housing trust fund. If they did, they would get a two-for-one credit against their affordable housing obligations.

Part of the financing would also be provided by $75.5 million the state is expected to get from a federal and state settlement over an investigation into allegedly abusive foreclosure practices by the nation’s largest mortgage providers.

N.J. Dems outline proposal allowing towns to turn foreclosed homes into affordable housing | NJ.com

This just reeks of socialism and the potential for enormous corruption. Comments?

how about his for an answer.


oh hell no!


affordable housing is a PC shadow code word for drug infested run down slum.

 

[Anguille]

Two senior Democrats today outlined a measure to let municipalities and a state corporation buy foreclosed homes and offer them to low- and moderate-income residents in an effort to increase the supply of affordable housing and reduce the number of vacant houses.

The bill (S1566), which was introduced last week by Lesniak and state Sen. Barbara Buono (D-Middlesex), would form the New Jersey Foreclosure Relief Corporation — with a five-year life span — to buy foreclosed homes.

Under the proposal, municipalities where the houses are situated would have 45 days to decide whether to buy the houses through the state’s $268 million affordable housing trust fund. If they did, they would get a two-for-one credit against their affordable housing obligations.

Part of the financing would also be provided by $75.5 million the state is expected to get from a federal and state settlement over an investigation into allegedly abusive foreclosure practices by the nation’s largest mortgage providers.

N.J. Dems outline proposal allowing towns to turn foreclosed homes into affordable housing | NJ.com

This just reeks of socialism and the potential for enormous corruption. Comments?

As if there wasn't enormous corruption already when the mortgage providers conned borrowers and robo signed.
I don't think this "reeks of the potential for enormous corruption" though certainly the possibility exists as it always does in most business arrangements.
chanel, have you no compassion for those in this country facing homelessness? You love to rail against socialism but I continue to have faith that someday you will see the error of your ways and embrace socialism.

luv ya,

 

[Soggy in NOLA]

Two senior Democrats today outlined a measure to let municipalities and a state corporation buy foreclosed homes and offer them to low- and moderate-income residents in an effort to increase the supply of affordable housing and reduce the number of vacant houses.

The bill (S1566), which was introduced last week by Lesniak and state Sen. Barbara Buono (D-Middlesex), would form the New Jersey Foreclosure Relief Corporation — with a five-year life span — to buy foreclosed homes.

Under the proposal, municipalities where the houses are situated would have 45 days to decide whether to buy the houses through the state’s $268 million affordable housing trust fund. If they did, they would get a two-for-one credit against their affordable housing obligations.

Part of the financing would also be provided by $75.5 million the state is expected to get from a federal and state settlement over an investigation into allegedly abusive foreclosure practices by the nation’s largest mortgage providers.

N.J. Dems outline proposal allowing towns to turn foreclosed homes into affordable housing | NJ.com

This just reeks of socialism and the potential for enormous corruption. Comments?

As if there wasn't enormous corruption already when the mortgage providers conned borrowers and robo signed.
I don't think this "reeks of the potential for enormous corruption" though certainly the possibility exists as it always does in most business arrangements.
chanel, have you no compassion for those in this country facing homelessness? You love to rail against socialism but I continue to have faith that someday you will see the error of your ways and embrace socialism.

luv ya,

Only a retarded numbnut would embrace socialism.

 

[8537]

Yes, government did such a great job setting underwriting standards under F/F that they should double down and now convert the home to "Affordable housing" What could possibly go wrong?

Well yes, actually - they set better underwriting standards than the private sector secondary market. That's why the default rate is so much higher in the private sector market.



Vietnam and China both have far higher levels of government spending to GDP, and China has one of the most aggressive industrial policies in the world - all government managed. The government spends more on infrastructure than the US, more on subsidies, and more on business development.

I'm trying to remember why I had any respect for your opinion at all and I''ll be damned if I can think of any reason.

You are very confused.

You're a fucking tool, a liar and a moron.

I'm sorry if the facts don't meet your preconceived bias.

F/F will cost over $200B to bail out when all is said and done and they set the de facto AAA credit standard for No Income No asset paper. Yeah, except for that, they did a great job underwriting.

F/F controlled an ever-shrinking portion of the Alt-A and Subprime market because the private sector crowded them out.

When you have some actual facts instead of rightwing radio-fed rants, please return to the discussion. In the meantime stick to humorous one liners.

 

[8537]

The banks have homes they'd prefer to get rid of.
The state has millions of people in need of affordable housing
The neighbors have foreclosed properties around them driving down their own property values.
The economy already has a significant oversupply of housing.

This solution addresses all four of those problems without new spending. Therefore, conservatives must oppose it.

Oh, so the banks are just going to give the houses away?

No, the banks are going to sell the foreclosed homes. It's right there in the article. Perhaps you didn't read it?

Believe it or not, banks aren't interested in holding onto foreclosed homes in order to become real estate agencies.

 

[8537]

And we all know that nothing sends home values skyrocketing better than moving a bunch of Section 8s into the neighborhood!

Precious.

Yeah, well who the hell do you think is going to move into those houses?

People who make at or below 80% of AMI.

You and Frank make a precious fact-free little world.

 

[CrusaderFrank]

Well yes, actually - they set better underwriting standards than the private sector secondary market. That's why the default rate is so much higher in the private sector market.



Vietnam and China both have far higher levels of government spending to GDP, and China has one of the most aggressive industrial policies in the world - all government managed. The government spends more on infrastructure than the US, more on subsidies, and more on business development.




You are very confused.

You're a fucking tool, a liar and a moron.

I'm sorry if the facts don't meet your preconceived bias.

F/F will cost over $200B to bail out when all is said and done and they set the de facto AAA credit standard for No Income No asset paper. Yeah, except for that, they did a great job underwriting.

F/F controlled an ever-shrinking portion of the Alt-A and Subprime market because the private sector crowded them out.

When you have some actual facts instead of rightwing radio-fed rants, please return to the discussion. In the meantime stick to humorous one liners.

They were ALWAYS far and away the biggest participant and they set the standard for de facto AAA credit (No Income No Asset) paper

 

[8537]

You're a fucking tool, a liar and a moron.

I'm sorry if the facts don't meet your preconceived bias.

F/F will cost over $200B to bail out when all is said and done and they set the de facto AAA credit standard for No Income No asset paper. Yeah, except for that, they did a great job underwriting.

F/F controlled an ever-shrinking portion of the Alt-A and Subprime market because the private sector crowded them out.

When you have some actual facts instead of rightwing radio-fed rants, please return to the discussion. In the meantime stick to humorous one liners.

They were ALWAYS far and away the biggest participant and they set the standard for de facto AAA credit (No Income No Asset) paper

No, they weren't. They lost about 40% of their market share between 2000 and 2007.

Please deal in facts instead of what the radio tells you. They were a late entry into the modern subprime market. Their share of the market declined from just over 50% of the market to 30%. Private firms made 84 percent of subprime loans in 2006. Private label loans have defaulted at over 6X the rate of GSE's.

But hey, keep preaching to the five guys in your choir.

 

[The T]

And we all know that nothing sends home values skyrocketing better than moving a bunch of Section 8s into the neighborhood!

Precious.

Yeah, well who the hell do you think is going to move into those houses?

Welfare dregs that belive they are owed a living off the backs of others?

 

[8537]

Precious.

Yeah, well who the hell do you think is going to move into those houses?

Welfare dregs that belive they are owed a living off the backs of others?

80% of AMI is "Welfare Dregs"?

Ron Reagan did a nice job with the propaganda