A new program allows government agencies and their partners to have exclusive purchase rights on foreclosed homes before families, investors and the rest of the private market is allowed to bid.
9Wants to Know has learned the initiative, called First Look, is touted as a tool to maximize an effort funded with federal taxpayer dollars to fix-and-flip homes in distressed neighborhoods.
Critics argue First Look is government intrusion into the real estate marketplace that will impact families looking to purchase and live in a foreclosed house.
Charles Roberts, a Realtor with Your Castle Real Estate in
"They're changing the rules. They're tilting it in their favor," Roberts said. "They actually get an opportunity to buy a house before a homeowner, which doesn't make any sense to me at all."
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Follow the logic....right over the cliff....wtf ???????
ReplyDeleteIt makes sense if America is a Corporate State and the banks are fat with free cash bailout money stored at the fed after a bi-partizan financial coup.
ReplyDeleteAll ready for a quick buy up.
As housing values fall.
Who can compete with that if the banks are not passing out loans to Debt Peons unable to get more easy credit.
Some stupid economicaly Americans think that this is 'communism" or "Socialism" of the Rich!
Hope & Change at work, the Chicago way.
ReplyDelete