Here's what he said:
RUSH: Colleen in Palm Harbor, Florida, a licensed realtor, called to complain about the government being in her business. She said, "I've been in the business for 39 years, and they are destroying the values of our housing market. They're regulating us. Obamacare has regulations in there to make every house 'green' that's gonna cost people thousands of dollars, and they need to get out of our way." I asked her, "How about Obama announcing yesterday that he's gonna become the landlord of all these foreclosed houses?"
"Well, tell me how can he be the landlord when the bank is the one who mortgaged the property and they're the owner?"
"'Cause he's just gonna take it over! But more importantly, how can anybody compete when the federal government's the landlord?"
Here this woman had an $800,000 cash buyer on a property in Apollo Beach, Florida, and because of the new laws that they regulated in Florida where HOAs with foreclose on a home, three criminals that had felonies -- one of which was in jail for four and a half years from beating Medicare out of $14 million in extortion -- got the house for a $10,000 judgment -- and it was legal. Well, of course it was legal! Of course, because that person has been put upon by the Tea Party! The Tea Party has made that person's life miserable. Reagan made that person's life miserable. That person is entitled, because that person is either a minority or has been mistreated or what have you. That's exactly right. You have just illustrated another way that the government has impact on our lives.
Which on one hand makes sense - how can private business compete with government when goverment doesnt' have to make a profit?
On the other hand, wouldn't turning all these foreclosed homes into rental properties actually stabilized neighborhoods, so that other people can see the prices of their homes stabilize?
In other words, I'm not sure what to think about this.
From Investors.com: Government Considers Turning Foreclosures To Rentals
The Obama administration may turn many government-owned foreclosures into rental properties to help boost falling home prices.
The Federal Housing Finance Agency says it is seeking input from investors on how to rent homes owned by government-controlled mortgage firms Fannie Mae (FNMA) and Freddie Mac (FMCC) and the Federal Housing Administration.
The government rescued Fannie and Freddie in September 2008. They own or guarantee about half of U.S. mortgages and nearly all new ones. And the feds now own an estimated 248,000 foreclosed homes, of which 70,000 are listed for sale.
Converting the homes into rentals may reduce "credit losses and help stabilize neighborhoods and home values," said Edward DeMarco, acting director of the Federal Housing Finance Agency.
Since the housing meltdown, nearly 3 million households have become renters. At least 3 million more are expected by 2015, according to census data analyzed by Harvard's Joint Center for Housing Studies and the Associated Press.
A federal "request for information" out Wednesday includes an option for prior owners to rent out homes or current renters to lease-to-own. Private investors could also be allowed to manage rentals.
Officials are mulling whether to only implement the program in areas hit hardest by foreclosures and with high demand for rentals, such as Arizona and Florida.
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