“The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.”
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For Billionaires Only: Uncle Sam’s Real Estate Fire Sale
So warned Roger Arnold, chief economist for ALM Advisors of Pasadena, California, in a column for RealMoney on August 11, 2011, that first lifted the lid on this latest colossal scandal to come out of the 2008-2009 financial crisis.
“These homes,” wrote Arnold, “which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs (GS) and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.”
Warren Buffett, one of the richest men in the world, obviously, would have no trouble qualifying for the privilege of bidding in this fire sale for the super-rich. And the “Oracle of Omaha” appears to be more than casually interested in getting in on the game.
The Wall Street Journal reported on March 20, 2012: “Warren Buffett, considered a sage investor and chief executive of Berkshire Hathaway Inc., said in an interview with CNBC-TV last month that he would buy up ‘a couple hundred thousand’ single-family homes if he could do so easily, given the high yields on rental investments.”
A couple hundred thousand homes for Buffett? What about the hundreds of thousands of families who are being foreclosed on? Isn’t that what the Fed, Treasury, the Bush White House, and members of Congress told us the $750 billion TARP (Troubled Asset Relief Program) fund was for when they forced it on us in 2008? What about the additional hundreds of thousands of families who would love to be able to purchase these homes and who may be qualified to buy under a genuine privatization program open to all? What about the hundreds of thousands of small investors who are willing to buy, rehabilitate, and rent out these properties? Well, the folks running Fannie, Freddie, and HUD haven’t completely ruled out the little guys; they are continuing to sell a portion of their mammoth inventory of foreclosed homes the traditional way, one-by-one to individual buyers. But over the past year, they have been moving into bulk sales and have been getting ready to unload their portfolios en masse at huge discounts to the big buyers.
Check out the rest here…
This was always the plan… Wasn’t it?
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Buying vast numbers of REO sounds like a good bet? Who is going to manage/maintain all these single family rental homes? Billionaire or not this is an dumb investment. Anyone who has handled rental property knows that as an investment there is no guaranteed return. This is a hands on investment and it can get dirty.
please sign my petition to hud sec donovan and president obama to end this foreclosure debacle and return our civil rights under the Fair Housing Act of 1964.
thanks
David
https://www.facebook.com/photo.php?fbid=3443503806171&set=a.2829533697302.2\
http://www.change.org/petitions/homeowners-discrimination-petititions-to-us-federal-govt-hud-agency-for-bank-restitution
Shades of the “Farm Loan Savings Act” and Other Federal: Club of Roma Land THEFT Schemes of the Soviet Styled Federal CENTRAL Governance CONTrolled pre 20’s DESTRUCTION of America, Global Talmudic Communist Implode the ECONOMY as a Weapon O f Mass Destruction, of The Zionists. There were Several CON-jured COLLAPSES of the Markets of the Elastic Fiat Counterfeit Notes, FEDERAL RESERVE Scheme?
This is old news; they have had no problem foreclosing or taking my home among many others! refusal to even do a rate reduction, modifications that went back up were crtitized and told too fix! Instead the former counmtrywide, bofa, central mortgage, wellls fargo, bac financial transfered it over to MTI/MFI whoever? and transfered recon trust, then foreclosed! former homeowner given 31 days to move with 4000 moving with 100 deducted for everyday that they are late in getting out! Homeowners credits are ruined! a few will qualify for the freebie federal housing plan, many will not! making renters out of all of them! then they will increase the rents! then there might be a rent freeze after it hits the average American that something is incredibly wrong! The whole HELP for the average American is non existant and voting isn;t going to change anything! think we already did that!
I see1 glaring problem of many with this plan, were are they going to get clear title to properties, and how did they get them. More and more judges are choosing to protect their careers and follow the rule’s, of law, so our court systems will be full of suits re: clear titles, ratings agencies, fradulent appraisals, worth of house when bought and worth now, sounds like there needs to be a complete dictatorship in place to pull the rest of this ponzi scheme off. That will not happen, there are too many of us, registered voters, and home owners, infact we are in the millions and enough to sway an election one way or the other. So we should not be dismissed and should be consulted first with viable legal offers icluding money that was made off the illegal securitization of our homes with the illegal entity called MERS.
This will be a ramp up of what we have seen with Wylbur Ross and his purchase from Option One ,,, his AHMSI has absolutely no ownership rights ,, just (tenuous) collection rights at best ,, he has been using fake documents provided by LPS/DocX (he is now suing LPS over the quality of the forgeries!) … in short he is behaving in exactly the same manner as FNM/FRE/BAC/WF/CIT/MS and all the rest …
This will end up being a race to see if the courts lay the groundwork for us to prevail or not before the entire monetary system collapses from the fraud that is wall street.
History always repeats itself,you just have to be able to see it.It’s a given that if it has happened once it will happen again.Read your history books and it will prove out.
The events that have occurred over the last 4 years has a strange corrollory in History. When Ivan the terrible needed money to continue his war efforts he turned to the rich and powerful and deeded the citizens of Russia to the rich and powerful. They became the slaves of the rich. That is what is happening now.