This will be BAD on so many levels - these properties will NEVER be REsold; neighborhoods will suffer as properties become neglected AND local and state tax rolls will not benefit from the real property taxes
ARE YOU READY FOR THE GOVERNMENT TO BE YOUR LANDLORD?Our government has lost its mind. Derek Kravitz of Associated Press (AP) in an article entitled "Government might turn foreclosures into rentals." This has got to be the biggest fiasco I have ever seen. So now that they own all these properties, they have come up with the bright idea of renting them. Don't take my word for it, here is an excerpt from the article""Converting the homes into rentals may reduce “credit losses and help stabilize neighborhoods and home values,” said Edward DeMarco, "acting director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.This just brings up a series of questions::What basis will they determine the rental rates?Doesn't this go against the rule that the government will not compete with private businesses?Frankly, banks and government out to be out of the real estate business.
C. Lloyd McKenzie, MBA
7001 Prospect Place NE Suite 200
Albuquerque NM 87110
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