Monday, July 9, 2012
Obama Attacks Home Ownership = Loss Of The American Dream
Look around your neighborhood and you will find foreclosed homes. They are in every neighborhood due to Obama's mismanagement of the economy. These homes will become ObamaHomes if they have a Fannie May lone attached to them.
The plan is to create large pools of foreclosed ObamaHomes, known as REOs (real estate owned), currently held by Fannie Mae, that will be sold off to venture capital firms and banks at rates that are highly discounted from their real value. The common American will not be allow to even try to buy and own these homes under Obama's plan.
These entities would then be required to hold these homes for a specified period, likely ten years or more, while they rent them out at set low income housing rates established by HUD. : or at a lucrative market rate if a low income tenant cannot be found, Each day more home owners will be converted into renters by these same foreclosures.
In addition they will all be REQUIRED to house low income Section 8 tenants or show that there were none who applied. This will drive down the value of homes in the area around the now ObamaHomes and force even more home owners into bankruptcy as they see the value of their investments plummet.
And the scary news is he can do this without a act of congress. All he will need to do is issue yet another executive order as he did in his Amnesty program.
Is the next ObamaHome going to be one next to your home? Can you keep your home as its value falls due to the new Obama Agenda?
Posted by David H. at 4:32 PM