Turning Foreclosed Homes into "Affordable Housing"

[Political Junky]

Mitt Romney proposed this long ago.

 

[CrusaderFrank]

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


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.

You're a fucking liar.

They we're always the biggest participant, in 2008 they owned or guaranteed 50% of all mortgages and they carried a AAA Credit rating

Freddie Mac - Wikipedia, the free encyclopedia

Stop Fluffing Obama and the Dems

Stop being a fucking liar

 

[8537]

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.

You're a fucking liar.

No, you fucking can't read. Go read what I wrote again, Frank. And if you need help, try reading it again. and again. Until your little brain can figure it out.

Stop being a fucking liar

 

[Oddball]

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.

Right...Section 8s.

You can try and reframe them with all the duplicitous semantics you want, but they'll still be Section 8s.

 

[8537]

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.

Right...Section 8s.

You can try and reframe them with all the duplicitous semantics you want, but they'll still be Section 8s.

Oddball, tell me: Does someone making 80% of AMI qualify for a section 8 housing choice voucher?

 

[Oddball]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

 

[CrusaderFrank]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Never let a crisis go to waste when you can progress toward a Socialist Utopia

 

[chanel]

I'd like to see the details. Who does the appraisal and makes the purchase? Who does the improvements? Who collects the rent? The utilities? Who insures it? How is eviction handled if the tenants break the terms of the lease? And what incentive does the township have to do this honestly and efficiently when they are getting "free money" from the state?

So much room for graft. I don't like it one bit.

There is little affordable housing here at the shore. I get that. But we also don't have a lot of year round jobs either. Our county has a 15% unemployment rate. The state wants to move people out of the cities so they can live in nicer areas. They don't give a rat's ass whether they are employed or not.

And what about the ratables? Removing 100 private residences from the tax rolls can have a devastating effect on municipal budgets.

 

[8537]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

 

[zeke]

Makes no sense to purposefully allow the housing market to decline further.

I have never in my life seen so many people root against their own self interests like Repubs.

If only they (Repubs) had some policy success to point to that their ideas brought about, maybe their opinions would be worth something.

 

[Katzndogz]

If you are a good democrat and work for the Party, they will give you ba home.

 

[zeke]

If you are a good democrat and work for the Party, they will give you ba home.

Got seven already. I would like a couple more but my wife won't let me have them. I told her that they were free because we could say we were Dems, but she still said no.

I think she is a closet Repub.

 

[Katzndogz]

There really won't be affordable housing for all until the government has the right to redistribute homes according to official fairness.

It is not fair that one person, or two people should live in a 3,000 sq ft home when a poor family of five has to make do with a tiny one bedroom.

 

[Wry Catcher]

Why pay the banks? Use eminent domain for empty homes which can be a blight on neighborhoods and can create a public nuisance. Municipalities ought to put lenders on notice, fix the problem or we will.

 

[Oddball]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

Exaggerate much?

We got into this mess because know-it-all technocratic do-gooders like you inflated a huge value bubble...Now, somehow or another, recognizing that sheer folly for what it is, acknowledging that you're not God on Earth, and minding your own damned business for a change will result in everyone living in cardboard boxes?

You socialistic central planner types really have no shame, do you?

 

[Soggy in NOLA]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

How are we letting the income and assets of tens of millions of families collapse ? I'm not letting the income and assets of mine collapse.. so how am letting theirs?

People make poor decisions and shit happens... get over it. Rewarding poor decision making only leads to more poor decision making.

 

[8537]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

Exaggerate much?

No, actually. That's what you are advocating.

We got into this mess because know-it-all technocratic do-gooders like you inflated a huge value bubble..

Yes, private sector firms selling subprime mortgages in order to fill the demand for downstream MBS's by financial institutions = "know it all technocrats" mucking things up.

You don't actually believe that, right?

 

[Soggy in NOLA]

Makes no sense to purposefully allow the housing market to decline further.

I have never in my life seen so many people root against their own self interests like Repubs.

If only they (Repubs) had some policy success to point to that their ideas brought about, maybe their opinions would be worth something.

Markets fail, markets adjust... at least in a true free-market economy. We got ourselves into this mess by allowing a bunch of government nitwits to diddle with the markets by picking winners and losers. More of the same Will only lead to more of the same.

 

[8537]

80% of AMI is the top end of what's considered "low income"...With the track record of how these programs go, the people put in those houses will be 50%-ers in short order...That isn't going to help anyone's home values.

Why the hell can't you damned technocratic do-gooders just let the market bottom out and readjust on its own?

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

How are we letting the income and assets of tens of millions of families collapse ?

By failing to take inexpensive and effective measures to arrest the foreclosure crisis and positively impact the employment situation.

People make poor decisions and shit happens... get over it. Rewarding poor decision making only leads to more poor decision making.

The people who made poor decisions lost their homes, Soggy. The banks now own them. The banks don't want them.

 

[Oddball]

Yes, why not let the income and assets of tens of millions of families collapse so you damned fascists can watch them suffer. Great idea, Tom. Great.

How are we letting the income and assets of tens of millions of families collapse ?

By failing to take inexpensive and effective measures to arrest the foreclosure crisis and positively impact the employment situation.

IWO, we need to trust the arsonists to put out the fire.

People make poor decisions and shit happens... get over it. Rewarding poor decision making only leads to more poor decision making.

The people who made poor decisions lost their homes, Soggy. The banks now own them. The banks don't want them.

Life's tough, shit happens, wear a fuckin' helmet.