It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
For Billionaires Only: Uncle Sam's Real Estate Fire Sale
“The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.”
So warned Roger Arnold, chief economist for ALM Advisors of Pasadena, California, in a column for RealMoney on August 11, 2011, that first lifted the lid on this latest colossal scandal to come out of the 2008-2009 financial crisis.
“These homes,” wrote Arnold, “which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value. You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs (GS) and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.”
“Economists at Goldman Sachs estimate the annual yield on an investment on rental property nationwide averages about 6.3%, but can exceed 8% in cities that were hit hard during the housing bust, including Las Vegas, Detroit and Tampa,” notes the Journal. “By contrast, mortgage bonds have average yields of just over 3%, and investment-grade corporate bonds are yielding about 3.5%, according the Barclays Capital U.S. Investment-Grade Index.”
Incredibly, the malefactors who invented the toxic mortgage securities and raked in massive wealth by marketing those fraudulent products with a “pump-and-dump” strategy that fleeced millions of savers, investors, and homeowners are now planning to use their ill-gotten gains to once again make a killing. And, once again, this is only possible because the Federal Reserve has instituted a corrupt system of cronyism that amounts to legalized theft on a titanic scale.
These privileged mega-investors could “instantaneously become the largest improved real estate owners and landlords in the world,” notes Roger Arnold. “The U.S. taxpayer will get pennies on the dollar for these homes and then be allowed to rent them back at market rates.”
County to negotiate purchase of military housing
The Bucks County Redevelopment Authority will soon begin negotiations with the Navy for the purchase of an abandoned military housing complex in Warminster.
The redevelopment group estimates it could spend about $1.5 million for the 24 acres. The area was declared blighted in August 2011 and valued at $60,000 an acre.
The redevelopment authority said it plans to recoup any expenses from the purchase after selling the land to a housing developer.
Reuse plans approved by the Bucks County Planning Commission in April would turn the tight-knit Shenandoah Woods development into a neighborhood of some 113 single and semi-attached homes.
Selling prices were estimated at about $450,000 for the single homes and about $275,000 for the twins, depending on market conditions, Pizzo said.
Originally posted by Danbones
yep
AJ warned this was the plan a while back
this corporate fascist ownership takeover is part of the elimination of private property which is one plank of the communist manifesto
Originally posted by tovenar
Free enterprise would mean auctioning these properties off to the highest bidder in a public, open auction.
Originally posted by Indigo5
When homes are foreclosed on...doesn't the public get a chance at those homes at auction before the bank/gov takes final ownership?edit on 15-6-2012 by Indigo5 because: (no reason given)