>Real Estate : Obama Considers Renting Out Foreclosed Homes
the staff of the Ridgewood blog
Ridgewood NJ – According to the Wall Street Journal the Obama Administration is seriously considering allowing foreclosed homes to be rented out to help stabilize the housing market.
The Wall Street Journal reports:“The Obama administration is examining ways to pull foreclosed properties off the market and rent them to help stabilize the housing market, according to people familiar with the matter.
While the plans may not advance beyond the concept phase, they are under serious consideration by senior administration officials because rents are rising even as home prices in many hard-hit markets continue to fall due to high foreclosure levels.
Trimming the glut of unsold foreclosed homes on the market is “worth looking at,” said Federal Reserve Chairman Ben Bernanke in testimony to Congress last week.”
Socialized housing , government as landlord?? Private contractors meaning corporations who make favorable political donations getting control over housing with no clear title to that property?
It sounds like just another bailout for administration cronies with the end result being the government taking more control over a failing economy .