Are we all headed for Public Housing?
The Feds have announced Thursday under Fannie Mae that homes in default would be taken over and leased back to the defaulters or the current tenants. The stated claim is that they are trying to stabilize neighborhoods and provide a transitional arrangement.
The occupants will be given a one year lease then go month to month. On one level this sounds very nice and practical but it raises big concerns. With the governments taking over the banks will they soon just take over the entire housing supply?
The Obama Administration admits they want government control of vast portions of the economy. They have taken over two car companies, regulated wages in some companies, bailed out banks and or financial service industries to only make them subservient to the government programs.
The banks are holding on to a large amount of inventory. I do not think it far fetched for them to start this type of program. Will it soon be like what they want for health care where we go to a board to see what we are allowed to live in (rented to us) at the government housing bank? Will they be deciding where we live and how? Barney Frank has changed his tune from making sure everyone can own a home (pre-housing melt down) to everyone has a home.
Right now there are not enough homes on the market. The market should take care of itself. Put the homes out there and get people in them. By limiting the supply of homes the only people that are profiting is those with cash, not middle class buyers looking for a place to live.
The housing policies are further eroding the middle class. Home ownership is an important part of building a strong country and community. Public housing is a disaster and the dream of social planners.
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