FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties

Short Answer: STOP KICKING PEOPLE OUT OF THEIR HOMES ILLEGALLY .

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FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties

8/10/2011

Range of Ideas Sought, Including Transition to Rental

WASHINGTON – The Federal Housing Finance Agency (FHFA), in consultation with the U.S. Department of the Treasury and Department of Housing and Urban Development (HUD),  has announced  a Request For Information (RFI), seeking input on new options for selling single-family real estate owned (REO) properties held by Fannie Mae and Freddie Mac (the Enterprises), and the Federal Housing Administration (FHA).

The RFI’s objective is to help address current and future REO inventory.  It will explore alternatives for maximizing value to taxpayers and increasing private investment in the housing market, including approaches that support rental and affordable housing needs.

“While the Enterprises will continue to market individual REO properties for sale, FHFA and the Enterprises seek input on possible pooling of REO properties in situations where such pooling, combined with private management, may reduce Enterprise credit losses and help stabilize neighborhoods and home values,” said FHFA Acting Director Edward J. DeMarco.  “Partnerships involving Enterprise properties may reduce taxpayer losses and meet the Enterprises’ responsibility to bring stability and liquidity to housing markets.  We seek input on these important questions.”

“As we continue moving forward on housing finance reform, it’s critical that we support the process of repair and recovery in the housing market,” said Treasury Secretary Tim Geithner.  “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability.”

“Millions of families nationwide have seen their home values impacted as their neighbors’ homes fall into foreclosure or become abandoned,” said HUD Secretary Shaun Donovan. “At the same time, with half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote new ways to alleviate the strain on the affordable rental market.  Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy.”

The RFI calls for approaches that achieve the following objectives:

  • reduce the REO portfolios of the Enterprises and FHA in a cost-effective manner;
  • reduce  average loan loss severities to the Enterprises and FHA relative to individual distressed property sales;
  • address property repair and  rehabilitation needs;
  • respond to economic and real estate conditions in specific geographies;
  • assist in neighborhood and home price stabilization efforts; and
  • suggest analytic approaches to determine the appropriate disposition strategy for individual properties, whether sale, rental, or, in certain instances, demolition.

FHFA, Treasury and HUD anticipate respondents may best address these objectives through REO to rental structures, but respondents are encouraged to propose strategies they believe best accomplish the RFI’s objectives.  Proposed strategies, transactions, and venture structures may also include:

  • programs for previous homeowners to rent properties or for current renters to become owners (“lease-to-own”);
  • strategies through which REO assets could be used to support markets with a strong demand for rental units and a substantial volume of REO;
  • a mechanism for private owners of REO inventory to eventually participate in the transactions; and
  • support for affordable housing.​

See Request for Information Below.

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4closureFraud.org

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Request for Information – Enterprise FHA REO Asset Disposition

Comments
16 Responses to “FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties”
  1. Kathleen Burt says:

    They’re looking for some very courageous, adventurous investors given the ongoing litigation and title challnges! I recently read on one of the websites about a short sale being challenged by a third party who sued both the seller (the homeowner and his mortgage bank) and the buyer, claiming that neither party owned the property! The third party claimed THEY owned and that they could produce the note.

  2. The Last of the Mohicans says:

    How can this help! It will only saturate rental markets not to mention courts across America when people stop paying their rent! Why would anyone pay their rent on a govt owned property? If the govt cannot manage the housing crisis now, how are they going to be able to manage millions of rental properties. Not to mention, if the GSE sells a property for $200.00 at auction, then their putting the renter that they just lodged, out! So, you now have a further depression on rents will in turn cause more people to default on their mortgage, because RENTS no longer cover the gap! Then introducing huge supplies of inventory of rentals is only going to further suppress the reason for anyone to buy a house! Why would someone buy a house when they can rent the same house for 1/2 monthly mortgage! Does anyone on the hill have their head OUT of the sand?

  3. Jim says:

    I see a new BUREAU OF FRAUDCLOSURE with a staff of 10,000 robosigners!

    • lvent says:

      Jim, ONLY IF, WE THE PEOPLE ALLOW IT. IF WE DON’T FIGHT BACK THEY WILL STEAL EVERYTHING INCLUDING OUR NATIONAL SOVEREIGNTY………….STOP USING THE FDIC INSURED BANKS…….STOP USING THEIR CREDIT……

  4. Readdocs says:

    The government is not looking for a real solution, they’re looking at another way to cover
    up their complicity in the fraud. They cannot sell properties with an unclear title anymore
    than any private entity or person.

  5. AliceN.Wunderland says:

    So now they have to unload all of those fraudulently obtained homes. Who are they asking to buy them…the Investors they alledgedly ‘sold’ them to…lol. And the Investors who didn’t get anything when they thought they did, will get nothing again as all the titles are clouded and there will be no title insurance issued or if it is issued all the prior title issues will be exemptions. Why would any Investor in their right mind put their money into this scam. I can forgive ignorance, but stupidity I have no use for.

    • lvent says:

      CNBC reported a few weeks ago the fraudclosed homes will be mostly rentals……Go fight and get your stolen homes back people….!!!!!!!!!!!!!!!

  6. debi p says:

    Where does it say any thing AT all about the
    defrauded homeowner!?? Another third party to
    Suck on the system. How lovely. I am so disgusted by all
    Of this deceit no wonder why people are going postal…
    But then again- that’s what they r banking on. God please
    Bless those worthy in america and let the devil has his
    Due with the rest of the lying cheating fuks. So sick of this
    I cannot express how upsetting it is with the lack of
    information on all of this that is being exposed. We
    Are living a lie. The american dream is gone people– it
    Is now OFFICIALLY the american nightmare!
    Debi 561-389-9339

    • lvent says:

      debi, it is a house of cards and it will collapse… We don’t need the TBTF and we never did. The world and the U.S. can and will go on without the bastards………….

  7. Ron Moss says:

    Constitutionally we need to adjust back to where it says “Congress shall have power to coin money and regulate the value thereof” OR elect someone who can read and understand economis, like Ron Paul. Don’t spend more than you take in> That might be too simple for some of Harvard Professors. They seem to be bit by the same bug You see one you see them all. Mafia related from Sicially I think. Or read The Creature from Jekylle Island

    • lvent says:

      Did you listen to my video post yesterday ron? The Vatican stole everyones gold and hid it in SWISS BANKS……….and probably in the catacombs of the Vatican. The ruling elite, THE NEW WORLD ORDER, stole every effing thing from the world……..and now they want our National Sovereignty……Those ruling elite who stole the gold are being allowed to dictate their fascist policies to the world..

  8. tonycat says:

    Still absolutely NO acknowledgement of the bank fraud or reinstating the homeowners into their houses, with clear title and all loans rescinded. It is unbelievable to me – there are NO ethics, and no character in Geithner or any other bankster-connected government figure. The corruption just rolls on. Very demoralizing to our citizens to see our great country brought to its knees by one industry and our government in collusion with it. I believe our economy and our national pride will never ever recover from this if it is not corrected and the rule of law restored to its proper place. And everyone wonders WHY our economy is hurting and there are no jobs? Can our government officials be so stupid as to not be able to see they MUST stop the corruption and the greed and FIX this?

    • lvent says:

      The truth is dribbling out of their gaping pie holes…THEY NEVER THOUGHT THEY WOULD GET CAUGHT COMMITTING THEIR HITLER PLAN,,,,,, BUT THEY DID….DID YOU SEE BOFA STOCK THIS MORNING, JUST 670 A SHARE???????….TBTF????? NOT SO MUCH!!!!!…..Jamie Dimon said this morning on CNBC there is some stuff the banks can’t repo……………………LMAO!!!!!!

    • lvent says:

      Tony, we can’t stop screaming, we are being heard…They are going to have to rescind sooner or later simply because, there is no fixing FRAUD…..Right now the crooks can’t fraudclose unless you do not know the truth……..People who have already had their homes stolen in fraudclosure need to find out how to fight back….I doubt there will be a nationwide ruling unless fraudclosure filings continue to escalate…….It looks to me like the TBTF and all of their owners evil HITLER PLANS ARE FAILING!!!!! GOD BLESS AMERICA!!!!!!!!

  9. yvonne says:

    Fed to keep interest rate near zero for 2 years

    WASHINGTON (AP) – Aug. 9, 2011 – The Federal Reserve said Tuesday that it will likely keep interest rates at record lows for the next two years after acknowledging that the U.S. economy is weaker than it had thought and faces increasing risks.

    The Fed announced that it expects to keep its key interest rate near zero through mid-2013. It has been at that record low since December 2008. The Fed had previously only said that it would keep it low for “an extended period.”

    Fed policymakers used significantly more downbeat language to describe current economic conditions. It said so far this year the economy has grown “considerably slower” than the Fed had expected. They also said that temporary factors, such as high energy prices and the Japan crisis, only accounted for “some of the recent weakness” in economic activity.

    The more explicit timeframe is aimed at calming nervous investors. It offered them a clearer picture of how long they will be able to obtain ultra-cheap credit, and it was at least a year longer than many economists had expected.

    But it didn’t seem to help on Tuesday. Stocks initially fell after the statement was released, possibly reflecting disappointment that the Fed did not announce another round of bond buying.

    Fed officials met against a backdrop of speculation that they would say or do something new to address a darkening economic picture. The stock market has plunged and government data have signaled a weaker economy in the four weeks since Chairman Ben Bernanke told Congress that the Fed was ready to act if conditions worsened.

    The economy grew at an annual rate of just 0.8 percent in the first six months of the year. Consumers have cut spending for the first time in 20 months. Wages are barely rising. Manufacturing is growing only slightly. And service companies are expanding at the slowest pace in 17 months.

    Employers hired more in July than during the previous two months. But the number of jobs added was far fewer than needed to significantly dent the unemployment rate, now at 9.1 percent. The rate has exceeded 9 percent in all but two months since the recession officially ended in June 2009.

    Fear that another recession is unavoidable, along with worries that Europe may be unable to contain its debt crisis, has rattled stock markets. The Dow Jones industrial average has lost nearly 15 percent of its value since July 21. On Monday, it fell 634 points – its worst day since 2008 and sixth-worst drop in history.

    The tailspin on Wall Street was further fueled by Standard & Poor’s decision to downgrade long-term U.S. debt.

    Bernanke didn’t speak publicly after Tuesday’s Fed meeting. The chairman this year made a historic change by scheduling news conferences after four of the Fed’s eight policy meetings each year, but Tuesday’s wasn’t one of them.

    Later this month at the Fed’s annual retreat in Jackson Hole, Wyoming, Bernanke will likely address the weakening economy, the S&P downgrade and the market turmoil.

    Earlier this summer, the Fed ended a $600 billion Treasury bond-buying program. The bond purchases were intended to keep rates low to encourage spending and borrowing and lift stock prices.
    AP LogoCopyright 2011 The Associated Press, Martin Crutsinger, AP Economics Writer.

    • lvent says:

      yvonne, Yes, the FED is going to continue to prop up the TBTF…THEY OWN THEM…It is all part of the Hilter plan…I agree with Chris Whalen who was on CNBC this morning talking TRUTH about the TBTF bastards…….He said DO NOT invest in the TBTF….FANNIE,FREDDIE AND BOFA ARE TIED AT THE HIP TO THE MORTGAGE MESS AND IT WAS ALL A HITLER PLAN……..WE THE PEOPLE MUST STOP SUPPORTING THE TYRANNY AND STOP USING THE BIG BANKS…Jamie Dimon said in and interveiw this morning on CNBC, Chase is making a ton of money in Europe…..I say good, all of the BIG BANKS should go back to their FOREIGN homeland and get the hell OUT of America……

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