The Federal Reserve took steps to encourage banks to turn more of their foreclosed homes into rental properties in new policy guidelines issued on Thursday that could help lessen the flood of distressed property sales that is depressing prices.
"Banking organizations should make good-faith efforts to dispose of foreclosed properties," the Fed said in a six-page policy statement.
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3 comments:
Many, not all can't be rented out until repairs are done on them. When people are forced to leave the house they either destroy as much as they can or they just walk away from it. Winter comes and the pipes freeze and break and destroy some of the home. Some homes since they are vacant are broken into and thing like wiring or copper or the HVAC units are stolen.
I say steal those properties back. They took it away so they could make everyone rent instead of buy. People will move accordingly, unfortunately. I hate to see so many proprties go to rentals by the Big Gov, who wants us all to be in section 8 and on food stamps. It's a sad day....
omgoodness, I can't imagine banks being in the rental business. They can barely keep standard paperwork straight.
They need to let these homes go the highest bidders and be done with it. They can charge off the balance, sell it to a 3rd party collection agency and move on.
We will never be out of this housing mess until the banks get rid of the glut.
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