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Non-Profits & Goverment Now Get First Option on Foreclosed Homes

September 2, 2010

Another illegal government takeover scheme to redistribute wealth.  Here government and non-profits are given the option of buying foreclosed homes before private speculators.  This is just another backroom deal effort to bolster budgets of cash-strapped governments, banks and non-profits by making existing home owners pay more for a mess that the Federal government and big banks got us into in the first place by (1) bad rating policies; (2) backing bullshit homeowner loans.

If government and non-profits buy up the homes, what do you think happens to your taxes as neither government nor non-profits pay taxes.  Who makes up the difference — taxpayers.

Instead of private enterprise being allowed to buy the property and make a profit and then pay taxes on the profit, government and non-profits can buy the property, hold or resell the property in competition with private enterprise and not pay a dime in taxes during the entire time they the hold the property until the time they sell the property.

Q. How does government or non-profits have the money to buy property.

A. They take taxpayer money i.e. through taxes or grants.

Conclusion: Taxpayers can’t afford their own homes, but their tax money is being used to pay for the government and non-profits to buy homes, bolster the banks balance sheets and redistribute the property to their friends, families, and political patrons courtesy of the “taxpayer.”  Is there any question of who is serving who.

WASHINGTON — Major banks are agreeing to give local governments and nonprofit groups the ability to buy foreclosed homes before they are sold to private investors.

Of course the banks are agreeing.  The government and non-profits take toxic assets off their balance sheets.  This is just another form of a bailout without calling it a bailout. 100,000 homes at i.e. $100,000/home = $100 billion bailout.

The Obama administration said Wednesday local officials could benefit from acquiring these properties and renovating them or using the land for redevelopment projects. Congress has provided $7 billion to buy the homes, but these groups are struggling to spend the federal money because they are often outbid by speculators who are snapping up foreclosures.

“The fear is that they will purchase the property, make very minimal to no improvements on it, and either put it back on the market as a rental unit or let it sit waiting for the market to come back,” said Sarah Greenberg, senior manager for community stabilization at NeighborWorks America, a nonprofit housing group.

The administration says the largest mortgage lenders in the country, including Bank of America Corp. and Wells Fargo & Co. have agreed to let the groups purchase the properties ahead of private speculators. The neighborhood organizations will have up to 48 hours to evaluate them.

“This agreement helps us level the playing field to give communities a better chance to stabilize these neighborhoods,” Housing and Urban Development Secretary Shaun Donovan said in a statement. Donovan said about 100,000 properties are likely to be sold through the program.

Translation: redistribute wealth.

A nonprofit group, the National Community Stabilization Trust, will collect information about foreclosed properties and help local groups to identify which ones to purchase.

Wonder if National Community Stabilization Trust will employ ACORN’s people.  I hear there’s an undercover pimp looking for a foreclosed home.


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One Comment
  1. DyingTruth permalink

    EITHER OR BOTH ARE WRONG. WHY DISPLACE INNOCENT HOMEOWNERS? MOST OF WHICH HAVE BEEN LIVING IN THOSE HOUSES FOR AN AVERAGE OF 13 YEARS.

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