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Feds Plan to Buy and Rehab $731M in Foreclosures


hausdok
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LOS ANGELES (AP) - March 18, 2009

President Barack Obama on Thursday announced that California will receive $145 million to help communities hard-hit by the foreclosure crisis.

The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages.

The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.

"We'll start transforming abandoned streets lined with empty houses back into thriving neighborhoods," the president said.

The money is part of $731 million destined for 48 states to counter the impact of high foreclosure rates and plummeting home values.

"Our goal is to help communities throughout California turn these houses into homes again," HUD Secretary Shaun Donovan said in a statement. "California is clearly struggling with a brutal foreclosure crisis and we must make every effort to help communities prevent these foreclosed properties from becoming a source of neighborhood blight."

To read more at Google/Associated Press, click here.

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I've watch Ben Bernanke, Fed Chairman being interviewed on 60 minutes and he did a 30 minute speech, to a bankers group, that was televised on C-Span.

It's refreshing to see someone in government actually speak articulately, not make up his own new words and speak for thirty minutes without looking at a note card. I give him an A+ just for that alone.

Oh ya, the guy is pretty bright too.

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I've watch Ben Bernanke, Fed Chairman being interviewed on 60 minutes and he did a 30 minute speech, to a bankers group, that was televised on C-Span.

It's refreshing to see someone in government actually speak articulately, not make up his own new words and speak for thirty minutes without looking at a note card. I give him an A+ just for that alone.

Oh ya, the guy is pretty bright too.

[:-paperba

I made the change to my post.

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Hopefully someone will delete the previous, but before they do...

Mr. Ferry,

Please save that crap for the Redneck Misc forum over at Nick's place. It's not welcome here!!!

Well, one thing about the "'Rednedk' [sic] Misc. forum over at Nick's place", Rich, is he does not "delete" anything.

If you oppose free speech, perhaps you should emigrate.

Regards,

Joe

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Really! Now I thought you guys just instigated all sorts of so-called "moderation".

I don't oppose free speech...IN IT'S PLACE. We have rules here to maintain civility and professionalism among those we recognize probably have differing views on politics and religion. Basically, we just don't allow those conversations to start. Your Misc forum has become little more than a soapbox for a small, and very regular, handful to spew their knee-jerk biased views. If I were a member, I would be embarrassed to have a link to that public mess in case my clients happened upon it...no matter what their, or my politics.

If you don't like the rules here, please feel free not to visit.

As far as emigrating, I did that, thank you. I chose and choose to live here!

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OK,

Let's explain something before this gets out of hand. I posted this as a news issue to let folks know that maybe, just maybe, there are going to be some foreclosured home inspection opportunities for some enterprising inspectors when/if these houses get rehabbed and hit the market. The post was not meant to promote any political view one way or the other about the Obama administration or Bernanke or to comment on the state of the economy; it was simply to alert inspectors to something that they should probably keep their eye on.

When I saw the comments by Terry and Scott yesterday I considered for a moment warning them that they were getting pretty close to the edge on what constituted political discussions, which, along with discussions about religion, are prohibited here, and I thought better of it. Now we've got Mr. Ferry in here saying that deleting political comments is an abridgement of free speech.

Well counselor, it's not and I would think a lawyer should know that. We are not the government - if we choose not to allow discussions about religion and politics on this site, in order to keep things on this site civil and friendly, we have a right to do so because it's a private site and you yourself agreed to those restrictions when you agree to the terms of use when you signed up as a member.

If you want to go somewhere else, where they welcome all of that political yammering, go for it, but it is not welcomed here. We have managed for more than seven years to keep things very friendly here by avoiding religious and political discussions and we intend to keep it that way.

Nuff said. Focus on the story - the potential for inspection work and keep the political stuff out of it or I'm getting out my pruning shears.

ONE TEAM - ONE FIGHT!!!

Mike

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