The Obama administration is looking for private firms or non-profit groups to buy foreclosed properties and them rent them out to families. Economics Professor Robert Lerman at the American University suggests also providing 1 million home ownership vouchers to families who pay rent that is comparable to (if not higher than) mortgage payments.
The vouchers would "cover the carrying costs of homes up to the 25th percentile of area home prices." It would cost only $3 billion a year, which is practically nothing, while also phasing out the Low-Income Housing Tax Credit, which according to Lerman is a more costly "corporate honey pot that yields high profits and relatively few units for low-income families."
Read the entire piece HERE.
Showing posts with label housing crisis. Show all posts
Showing posts with label housing crisis. Show all posts
Friday, October 28, 2011
Monday, October 24, 2011
Mitt Romney: Facing Foreclosure? Tough Luck!
The White House issued new guidelines this Monday that will permit struggling borrowers to refinance their mortgages at the current ultra-low rates, meaning their monthly payments would be reduced. According to the Federal Housing Finance Agency, this could potentially affect up to 1 million homeowners.
Unfortunately, Willard Mitt Romney is not too pleased with this "government intervention."
What Little Willy fails to realize is that the banks have not been playing fair. They have been foreclosing on homes that they have "no authority to foreclose on" and "failing to process borrowers’ payments," while simultaneously "raising borrowers’ interest rates after inking a loan modification agreement to lower the interest rate."
Meanwhile, the GOP republicans are hell bent on removing those very regulations designed to provide Americans from such unethical actions.
Sources: Hardball, Washington Post, Huffington Post
Unfortunately, Willard Mitt Romney is not too pleased with this "government intervention."
"Don’t try to stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up and let it turn around and come back up. The Obama administration has slow walked the foreclosure process ... that has long existed and as a result we still have a foreclosure overhang."
What Little Willy fails to realize is that the banks have not been playing fair. They have been foreclosing on homes that they have "no authority to foreclose on" and "failing to process borrowers’ payments," while simultaneously "raising borrowers’ interest rates after inking a loan modification agreement to lower the interest rate."
Meanwhile, the GOP republicans are hell bent on removing those very regulations designed to provide Americans from such unethical actions.
Sources: Hardball, Washington Post, Huffington Post
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