Obama: We can save housing market if the rich buy foreclosed houses and rent them out.

[dixiegrrrrl]

"officials said they were looking for private-equity funds, financial institutions, and perhaps local governments and nonprofits to buy foreclosed properties and offer them as rentals in stressed housing markets."

Uhhh...who will have the money to rent houses from hedge funds, when there are so few jobs available to pay for the rent?

And look at the clever way PRIVATE property that WE THE TAXPAYER BOUGHT is being offered to "private-equity funds, banks and local governments"

edited to add: "so far they ( Freddie and Fannie ) have cost taxpayers more than $140 billion."


I know there will be damn few non-profits who will be able to afford anything, that income spigot is being turned off.

THIS is the plan to "shrink a glut of foreclosed properties held by mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) that are weighing down the housing market and hurting home prices."

http://tinyurl.com/3sba4ab ( link leads to a Reuters news story, which had an enormously long url)