This is worth watching in full. This guy must read 4closureFraud.org
Archived from the live Mises.tv broadcast, this lecture was presented by Doug French at the Mises Circle in Houston on 14 January 2012.
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Lecture | How to Fix the Housing Crisis | Douglas E. French
As a broker and appraiser (and Realtor) I can tell you he is right on target. That the nation wants to turn these foreclosed houses into a rental program similar to the section 8 voucher program is a massive mistake! The voucher section 8 program does not work. I am familiar with this program first hand. Tenants, even good ones, will not pay their co-pay forcing the property owner to charge the limit to HUD to cover their loss. Okay, tenants do not take care of these properties. They let their dogs pee on the carpets and tear them up, not to mention what the kids do to the house. Almost all unit have to be remodeled after each tenant. This calls for multiple inspections by HUD to ensure the houses are livable. Inspectors “pad” their visits so that you have 2 or 3 for every rental action. Now inject your government as landlord into this situation and you can imagine the problems and expense to taxpayers. Now, homeowners take better care of their homes than tenants do so why not reduce the principal and allow the homeowner to keep his house?
It makes absolutely no sense to remove the homeowner at a great loss on the original investment anyway, plus the cost to reclaim as REO only to place these same houses in a massive section 8 voucher type program and make the government landlord for housing that will continue to be a bane on their neighborhoods and cost to the taxpayers.
This is not rocket science people!
This is a dumb mistake on the party of FNMA and FREDDIE MAC.
The section 8 programs are a big drag now, much less on a massive scale.
President Obama promised to allow bankruptcy courts to modify. Didn’t happen.
Washington promised to help homeowners refinance. Didn’t happen.
Attorney Generals promised to hold banking accountable. Didn’t happen.
Nothing is happening and housing continues its free fall.
And yes, real estate organizations do lie. They are forever the cheerleaders for the industry but as most of us are now in bankruptcy or foreclosure ourselves except those AGENTS fortunate enough to have contracts to sell REOs.
Obviously everyone knows what to do with the problem but no one is doing the obvious.
Helping homeowners stay in their homes.
..talktotennessee..I have been screaming this nation of renters thing is coming..the Federal Govt has been hijacked by the Commies..the have injected Commissars in every major city and State govt..including the White House, Congress, every major branch of govt..Ron Paul is right..the FED needs to be abolished. ..They want a nation of slaves to the debt of their Wall Street/banking perps …who rent everything..A RENT A CENTER US OF A…!…The Zionists need to go..they are all working for the NWO…and they are not religious as Obama proves…They hide behind the Jewish religion so they can use it to cry anti-semitism whenever they are accused of wrong doing.,…Speaking the truth is not anti-semitism if these destroyers of freedom and democracy just happen to claim they are Jewish..People need to really look behind the curtain they are all hiding behind…I believe Biden is really calling the shots….The American people really need to wake up…it is not the Israeli people who are bad…just like in America…it is the people running the Government…Did you catch BENJAMIN NETANYAHU lecturing Congress last spring..? All of the devils are here…they are Nazis…there is a you tube video that shows most of the SS were Jews..wolves in sheep’s clothing..! The entire fake war between Congress and Obama is a show…NDAA PROVES..They are all in the same bed…
I read John O’neil of the FBI…caught Rahm Emanuel red handed working for the MOSSAD…John O’neil died in the World Trade Center on 9/11…he tried to warn us 9/11 was coming..Rahm Emanuel has a dual Israeli citizenship and so does Homeland Security head Michael Chertoff…many of these politicians and their minions and cohorts do..
The truth lies in the presidential appointments..this is where the snakes are hiding…
Did you notice how the president used the term refinances to all “responsible” homeowners. Define “responsible”. I’ve been a homeowner for 30 years and for the last 10 have had a least one investment property. Never missed a single mortgage payment in 30 years – ever. But now my credit score tanked, I have no savings left, I am now not a “responsible” homeowner. I don’t want their stinking refi anyway for a mortgage that is so underwater now that it is silly. I should have had a mod instead of a refi 2 years ago or walked away and I would be a lot better off now. If a post of mine is still on this site from about seven or eight months ago, this is exactly what I predicted they were up to. All the old cronies will refi their mostly paid off homes down to super low rates while the steal the rest of the homes with the intent of selling them off in the future after they depreciate them down as much as tax code allows. I’m sorry Mr. O’bama but you have shown us all that you stand in the corner with the 1%.
I think he means current on your monthly payments…or not more than 30 days behind.. I get dropped one of these offers now and then…I don’t qualify…. It is all a big sham anyways..People are refinancing fraud..to get a lower interest rate! Another scam to keep them paying….and make them think they are being helped!
The man has made his point, but he should of added some other KEY factors.
“ENOUGH OF THE FOUR YEAR GAMES WITH PEOPLE LIVES AND THE ECONOMY!”
THIS IS WHERE WE SHOULD START TO GET TO THE BOTTOM OF THIS MESS.
THEN MAYBE A LOT OF SKELETONS WOULD COME OUT OF THE CLOSET..
1. ALL the BANKS and the FEDERAL Government should be AUDITED from a TRUSTWORTHY outside source.
2. No Bank shall refinance with home owner UNLESS the BANK can prove that they HOLD THE PROMISE NOTE AND THE DEED. THERE SHOULD BE A LAW TO MAKE THE BANK PRODUCE IT..
“NO FRAUD WHATSOEVER” IF FRAUD IS COMMITTED, THEN YOUR HOME FREE AND CLEAR.
3. ALL BANKS PROVIDE A HISTORY AND MUST SHOW THE TRUE PROPER CHAIN OF ASSIGNMENT OF YOUR HOME FROM YOUR FIRST ORIGINATOR BANK TO THE FINAL EXISTING BANK…
“NO FRAUD WHATSOEVER” IF FRAUD IS COMMITTED, THEN YOUR HOME FREE AND CLEAR
3. ALL THE LOANS WAS SOLD ON WALL STREET AND SECURITIZED…. THEY LOST ALL THE PAPERS!!!
NOW ALL THE OTHER BANKS ARE ACTING AS PRETENDER SERVICER and HOMEOWNERS NEED TO KNOW IF THAT BANK ACTUALLY HOLD THEIR NOTES AND DEEDS.. SO THEY NEED TO PRODUCE THE CHAIN OF ASSIGNMENT AS WELL…
“NO FRAUD WHATSOEVER” IF FRAUD IS COMMITTED, THEN YOUR HOME FREE AND CLEAR.
4. EVEN HOMEOWNERS that are CURRENT on their payments SHOULD FIND OUT IF THAT BANK ACTUALLY HOLD THEIR NOTE. Because IT’S VERY POSSIBLE THAT BANK DOES NOT EVEN HOLD YOUR NOTE…. SORRY : )
“NO FRAUD WHATSOEVER” IF FRAUD IS COMMITTED, THEN YOUR HOME FREE AND CLEAR..
5. SERVICER BANKS ARE NOT ALLOWED TO TAKE YOUR MONEY AND THEY CAN’T FORECLOSE ON YOU, BUT THEY’RE DOING IT ANYWAY…
“NO FRAUD WHATSOEVER” IF FRAUD IS COMMITTED, THEN YOUR HOME FREE AND CLEAR
6. LAST RESORT, GET RID OF GOVERNMENT AND THE BANKS THEN SEE IF WE STILL HAVE A PROBLEM…
YOUR PROPERTY IS SET UP TO NOW GO BACK TO CORPORATIONS AND GOVERNMENTS.
IT’S NOW DESIGNED TO GIVE YOU NO EQUITY, NO HOME TO PASS DOWN TO FAMILY, AND TO MAKE FREDDIE & FANNIE ALONG WITH THE GOVERNMENT TAKE EVERY HOME AWAY FROM US SO THEY CAN MAKE US PAY RENT FOR THE REST OF OUR LIFE TO THEM….
US AMERICANS ARE LOSING THIS BATTLE ON OUR OWN SOIL.
WE CAN ALL KISS THE AMERICAN DREAM GOOD BYE : (
So true Charlie Rice…problem is too many still don’t know the truth and these commies are sneaking in communism and totalitarianism under the radar of most..Most don’t see we are standing at the gates of hell..!
The only person I have heard on the subject that is giving real figures and facts. The politicians should get some advice from this man. The banks house of cards will come tumbling down eventually. How refreshing to hear someone finally state the facts in a calm and rational way and tell it like it really is. I thought that false accounting was a crime. Why can BoA maintain figures on their books that is well known by most to be false while still taking more government bailouts. Can a politician explain that to the public. They tell the people who for moral reasons are still paying mortgages on loan balances that are half of the worth of the home and for which will never come back. While the banks get monthly handouts from the Fed. What is wrong with that picture. Wake UP. Those that are still paying with underwater mortgages are nothing but stooges to these high roller government tax money taking banks while they still take their yearly fat bonus checks.