Comments on: Fed Blesses Banks | Federal Reserve Policy Statement on Rental of Residential Other Real Estate Owned Properties

By: acmodspecialists

acmodspecialists — Sun, 08 Apr 2012 19:45:53 +0000

So now the banks will compete with some advantage with private renters They will foreclose (steal) rental properties and then make the rent income themselves instead of private entities or investors, another incentive for banks to foreclose on properties.

By: Beth A.

Beth A. — Sun, 08 Apr 2012 00:27:06 +0000

Banks can barely bank…how in the Hell do they think this is going to go well?!

So, the bank is going to be given a free license to swipe our homes that they can’t prove they own – and they’re going to try a hand at playing landlord. Unreal.

By: Allen

Allen — Sat, 07 Apr 2012 17:51:12 +0000

How many people know the relationship between GMAC and Trammel Crow Services who share the same building, the GMAC Mortage payment center at 3451 Hammond Avenue in Waterloo, Iowa.
For those who don’t know who Trammel Crow is, they are the biggest aquirer and developer developer of land in America and builder of housing and commercial properties, like apartments and shopping malls and more.
A computer search shows they are the biggest LANDLORD in America and own much in other parts of the world also. They also brag of being the most profitable company in the land. Easy to believe considering they are in the same house with a foreclosure king like GMAC who will go to great lengths to forclose on a property they want to possess, one who will throw up every roadblock they can think of against the property owner who honestly deals with them trying to keep their property as if they (GMAC) were really the owners of said property to begin with.
I have relatives who are in a death grip with those people over a loan they got from a bank to improve their home of many years. GMAC purchased that loan from the bank who issued it. GMAC has tried in every way to stop their refinancing the loan with another loan company and forclose while admitting they want the property, not repayment of the loan. This concerns property of sizeable acerage in a prime location enough to build a very profitable development.
This is a case of the rich and mighty trying to steal from someone who has something of value they want but don’t want to buy in an honerable business transaction where they have to pay the true value of the property
.

By: James

James — Sat, 07 Apr 2012 16:54:25 +0000

I can not find any provision for Banks Leasing REAL PROPERTY in this code.
12 CFR Chapter II, Subchapter A – BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

http://www.law.cornell.edu/cfr/text/12/chapter-II/subchapter-A

By: Allen

Allen — Sat, 07 Apr 2012 16:17:59 +0000

In reply to talktotennessee. I agree 100%. This is just another way of letting the crooks in banking off the hook for commiting fraud and allowing them to realize their dream of becomming the landlords of the American people who fell on hard times by loss of jobs or inadaquate income.

By: talktotennessee

talktotennessee — Sat, 07 Apr 2012 05:40:43 +0000

This is such a foolish idea. ‘It demonstrates Bernanke’s failure to understand the long term negative impact of turning foreclosures into rental property, allowing banks, Fannie and Freddie to become slumlords. We are empowering banks to continue fleecing tenants and investors. Remember banks never had any skin in the game. They originated loans and sold them to investor banks for repackaging. The are now slurping up houses in short sales, avoiding the foreclosure procedure that might expose inaccuracies in the paperwork. Investors (or taxpayers) will continue to take the hit! Can you imagine getting these houses repaired or managed long term on the scale they are talking about. Bank customer service reps could not even find housing paperwork if it was on a toilet roll!

I manage rental property and it is nothing but a headache. I have one tenant who calls EVERY month about rent time and has a dozen things wrong with his house. He never pays on time. He never fixes anything, never decorates or does anything constructive to preserve or beautify the place he calls home. He calls and the property owner has to fork over money for repairs. Thus are the habits of permanent tenants as opposed to homeowners.
Okay, modifying loans is anathema. Homeowners could at least delude themselves into thinking of their abode as their own, despite the bank owning it 100%. It is psychological, homeowners take better care of their homes.or at least when they think they own the home.
But NO.
Bernanke, the banks and Washington prefers turn the nations foreclosures into government or Wall Street owned public housing creating generations of renters who have lost an anchor on the American dream, turned into renters in a foolish experiment that heaps insult atop fraud.
Bernanke ought to know better. He studied the great depression.