Posts in Mortgages
Check out this news release from October 2009 outlining a program outlining how home owners might rent back a home they are losing in foreclosure.
http://www.fanniemae.com/newsreleases/2009/4844.jhtml
The obvious question is "have you heard of anyone actually doing this?" If this program has existed for almost two years, you would think that the regional real estate community would become aware of someone that has been able to use the program.
http://blogs.wsj.com/developments/2011/08/10/seven-questions-on-foreclosure-to-rental-conversions/
You can see from the article above, there are serious discussions about doing large bulk sales or create new large scale programs with major property managers overseeing government owned homes being rented.
I am hoping that someone will fill us in on a success story somewhere! The examples of this from the past were not pretty and anything but considered successful. Please let us know what you know. Thanks.
A look at the aftermath of the mortgage meltdownis still not pretty and not likely to get better soon. You would think that in these years that have followed there would be improvement and/or a start towards recovery. Far from it! The depth and extent of the problems are just coming to light and still being sorted out. And like saugage making, it certainly is not pretty.
http://www.msnbc.msn.com/id/43801546/ns/business-personal_finance/
At the heart of the issue is the supposed good thing intended to free up capital from local, regional and larger banks in order to make more loans; securitization. They made more loans OK, but many of them were not "good" ones. That in a nut shell led to the crisis; too may defaults. However, securitization is continuing to be a the center of the foreclosure boon doggle. The true ownership of these mortgages and the right to foreclose is being challenged in courts all around the country. This has been in the background throughout, but is now becoming central in many large scale legal battles.
Once things within the securitized mortgages began to unravel in 2007 and 2008, the pure large scale and scope of the problem began to create more nigh
