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Important questions about the bail out bill and the creation of the U.S. dept of real estate

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posted on Sep, 29 2008 @ 03:00 PM
1) If the government buys all these bad mortgages and foreclosed homes will me and my family have to compete with the government to buy a reasonably priced house on the free market?

2) What will be done with all of these foreclosed homes that the government buys, will they disappear into a black hole, will they turn into some sort of giveaway entitlement program for people who lost thier homes due to foreclosure?

3) Once the government takes possession of millions of homes how long do they plan on holding onto them before they attempt to recoup thier investment? (1year, 5 years , 10 years?)

4) If they systematically bleed them back onto the free market over years won't people who are waiting for the market to stabalize be competing with the government when they attempt to sell thier home?

5) Who will pay for the upkeep and pay the state property tax on these properties? (The federal taxpayer?)

I live directly in the middle of one of the worst hit regions of the country. You should see how quickly these homes become delapidated and run down. Broken windows, vandelism, overgrown weeds, stagnant pools, etc.

I know the bill failed to pass, but they will try again.

[edit on 29-9-2008 by In nothing we trust]


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