Accidental Landlords - Fannie's "Deed for Lease" program


	Accidental Landlords - Fannie's "Deed for Lease" program

billpar

11-10-2009 4:42 PM

107 views

tags:

gse, fannie

billpar says:

What this does is guarantee a steady negative cash flow for the banks, further weakening their financial outlook and giving Obama yet another reason to tighten his grip on them.

Fannie Mae caused this mess, and their fix will only make things worse.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9bf98618-2756-4cc7-b724-8eda0464d528/7FBD2F04-6D62-4C73-A63F-50098239006A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.americanthinker.com/2009/11/the_accidental_landlords.html" href="http://www.americanthinker.com/2009/11/the_accidental_landlords.html" style="font-size: 11px;">www.americanthinker.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html"><FONT size="3" face="times new roman,times">Fannie's <U><A href="http://www.fanniemae.com/newsreleases/2009/4844.jhtml?p=Media&s=News+Releases">"Deed for Lease" program</A></U> would allow homeowners who <EM>do not qualify</EM> for mortgage adjustments to deed the property back to the lender, who would then rent it back to them at market rate. </FONT><FONT size="3" face="times new roman,times">Essentially, homeowners in foreclosure would be allowed to switch from ownership to renting their property. </FONT></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">may sound like a reasonable idea, it is anything but</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">people qualified for the program will be those who cannot pay their mortgages</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">rental houses generally cost <EM>more</EM> than a home mortgage because the landlord has to pay a mortgage himself, plus pay for maintenance and utilities, obligatory or otherwise</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">Fannie Mae's premise here is that rent will be cheaper than the mortgage</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">tenant the rent will have to be lowered, likely by a large amount. Already the bank is losing money on its "investment," -- an investment they did not want, but were required to make.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.americanthinker.com/img/9EA67CDE-170B-4068-9A65-0640CCE5806C" alt="Close" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanthinker.com/2009/11/the_accidental_landlords.html">Mortgage lenders are in business to make loans, not manage property</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/7FBD2F04-6D62-4C73-A63F-50098239006A/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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