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Proposal Would Put Renters In Vacant Foreclosed Homes

8:44 AM, Aug 12, 2011   |    comments
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JACKSONVILLE, Fla. -- President Barack Obama is looking at new ways to reduce the number of vacant foreclosed homes.  One proposal would sell large portfolios of Fannie Mae, Freddie Mac and FHA foreclosed properties to private investors, who would be required to rent them.

There have been so many empty foreclosed homes for such a long time in Neil Goldberg's San Pablo Creek neighborhood, he has memorized them.  "We have a house here that's now owned by Wells Fargo, the house all the way on the corner with the hole in the roof, and the house with the can, that's blue."  He added, "My property values keep dropping."  Goldberg said over the years his home has lost $50,000 in value.

Homeowner Jason Lonsdale said the plan could be an interesting way to improve his area.  "It'd be nice having a neighborhood with people in the homes to take care of them."
Although Goldberg wants to make sure the renters are high quality.  "If they could guarantee me who would be living there.  If not, no."

The government's goal would also be to meet rental demands in many parts of the country, by prohibiting investors from selling the properties. 

This plan would eventually save the government money in many ways.  Just to mow the lawns on Fannie Mae-owned homes is estimated to cost more than $35 million per year.  The research will be completed by Sept. 15, and he plan does not need a vote of Congress.

First Coast News

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