Foreclosure Summit in Merced

Foreclosure Summit in Merced

abclocal.go.com

Several government agencies, non-profit organizations and lenders came together for a "Foreclosure Summit"... they're looking for ways to work together to stabilize the neighborhoods hit hardest ... And re-sell the thousands of homes now sitting empty.
With more than 13-hundred foreclosed properties in Merced ... The city has been called ground zero of the housing crisis.
Rob Wiener said, "This is the epicenter of the foreclosure crisis, not only in California but in the entire country."

(visit the link for the full news article)

THIS is just amazing to me!!
There is no argument that there's somewhat of a 'foreclosure crisis' going on in the country -- meaning people are losing their homes in huge numbers.

Now, just when I didn't think things could get anymore stupid, this is their plan...

They will buy up the foreclosed homes for next to nothing, and then RE-SELL them!! ...Offering tax credits for first-time homebuyers.

How is this going to help all the people that have already lost, or are losing everything? That's right, it's not.
It sounds like they would be just as happy to see more people lose their homes, just so they can be re-sold.

$#@%.

abclocal.go.com
(visit the link for the full news article)

Originally posted by LostNemesis


THIS is just amazing to me!!
There is no argument that there's somewhat of a 'foreclosure crisis' going on in the country -- meaning people are losing their homes in huge numbers.

Now, just when I didn't think things could get anymore stupid, this is their plan...

They will buy up the foreclosed homes for next to nothing, and then RE-SELL them!! ...Offering tax credits for first-time homebuyers.

How is this going to help all the people that have already lost, or are losing everything? That's right, it's not.
It sounds like they would be just as happy to see more people lose their homes, just so they can be re-sold.

$#@%.

abclocal.go.com
(visit the link for the full news article)

That's what happens when you lose your home.
They sell it again.

That's the primary scheme they had going to until the bubble burst.

You buy a home for 400,000 and pay 2000 a month for 4 years and lose it, they will already have ton of your money and can resell for about 350k, or MORE sometimes.

There, obviously, will be less subprime mortgages given out, if any at all and larger credit checks.

For sure