Somehow this does not surprise me at all. There are going to be alot of awfully nice people getting screwed that can't do a damn thing about it. I liked how they want to rent them out and not sell them. This removes the burnden of ownership so that if things don't pan out just file bankruptcy and stand inline behind the banks for a bailout. Akuma
use those houses in section 8 http://en.wikipedia.org/wiki/Section_8_(housing) gvt just f**d housing,education and now about to f** the rentals..what else is left out there?
They already have been doing this for years. Some people have been making a killing buying them in bulk and reselling.
"We expect several pilots that will involve both local investors and institutional investors. The goal here is to reduce supply by converting foreclosed homes into rental units," says Jaret Seiberg of Guggenheim Securities. -------------- Rental units. Forget it. Imo, rental has two options. 1) Cash flow = piece of shit house/ location/ = slum lords. 2) Build equity = nice neighborhood, maintain the property and wait 20 years for appreciation. -------------- It has been argued ad naseum rent vs own, not even the point anymore, current wages won't support taxes, insurance, maintenace, energy costs let alone paying any principal on a loan.