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Bank of America is Getting into the Landlord Business
In my previous post Send Your Rent Checks to 123 Wall Street, I highlighted how some of the financial terrorists that helped create the real estate fiasco to begin with are getting set to make massive profits by becoming landlords at the expense of the U.S. Taxpayer. Rolling Stone author Matt Taibbi had an absolutely Fantastic article concerning just another hidden bailout to the Banksters that everybody should read and take note. An article that is FAR BETTER then the majority of the real estate PR campaign journalists (and many so called real estate professionals) out there that just spread news of the latest and greatest so called housing programs that sub-par real estate professionals take as gospel that have pretty much failed for the past four years.
Matt Taibbi certainly has a much better understanding of what is really taking place then the so called real estate trade associations who seem to be in bed with the financial institutions that helped create the foreclosure fiasco in the first place. More then likely due to the trade associations being completely inept when it comes to Finance and Economics as evidenced from previous support of housing programs and completely lame forecasts about real estate in the past.
According to the National Association of REALTORS, existing home sales are predicted to trend up for 2008 according to the pending home sales index and median prices are expected to edge up and improve.
Yeah... as I highlighted back in 2007... Best wishes with that..
Bank of America Short Sale Approved
Just received on Monday -- a Bank of America short sale approval where the terms of the deal are that the sellers can't stay in their Las Vegas home to become tenants of my Las Vegas real estate investors. These sellers could certainly pay fair market rent to stay in the home, they just could not afford the overinflated Las Vegas home loan that helped drive Las Vegas real estate prices to unsustainable levels in the first place. Personally, I would love to keep these particular Las Vegas real estate sellers on as tenants but Bank of America is stating we can't do this.
HOWEVER --- Bank of America has started a "Pilot Program" where they are offering delinquent home loan owners to sign on to be their tenants that every real estate professional needs to read HERE. From the article...
The bank, which was saddled with thousands of delinquent loans when it took over mortgage giant Countrywide, says that beginning this week "in targeted hard-hit markets," it will offer a limited number of mortgage customers who are facing foreclosure an opportunity to remain in their homes, and transition to tenant status. The program is called “Mortgage to Lease.”
“This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support," said Ron Sturzenegger, Legacy Asset Servicing executive at Bank of America in a statement. "This program may have the potential to further round out the broad set of solutions we offer our customers in need of assistance.”
I call BS. It's also Hypocrisy. We all know in the Hardest hit markets such as Las Vegas, current Las Vegas home values are so cheap that it's a real estate market where buying makes complete financial sense ... the best in a decade. A real estate investor's dream to be able to put 20% down and easily cash flow a property with a great cash on cash return. Bank of America knows it also, otherwise they would have come up with this program a couple of years ago.
Instead, they have access to very cheap money courtesy of the Federal Reserve where they can borrow at next to nothing interest rates and can own real estate and collect rent in areas such as Las Vegas where home values have hit bottom.
Why in the World would you Pay Real Estate Commissions when you can just take title?
And this is what real estate professionals need to be aware of. Bailouts and access to cheap money courtesy of printing up a couple of Trillion dollars with QE1 and QE2 so the big banksters such as Bank of America can profit at the expense of Joe & Jane Mainstreet who are seeing the purchase value of their dollars evaporate daily in order for these big banks to profit off of the mess they helped to create in the first place should be UNACCEPTABLE.
Between this program and the Program I highlighted in my Send Your Rent Checks to Wall St, the upcoming Realtor Rally in Washington D.C. being supported with Realtor Dues should be all about ending the Crony Capitalism that has been taking place for several years now. In fact, the more I think about my Realtor® dues being used to support this nonsense is starting to really irritate me. If I had a choice, I would not pay them.
I'm certainly grateful that my latest Bank of America short sale request has been approved and my Las Vegas real estate investor has the wonderful opportunity to buy this property with CASH...
But something tells me unless there is an appropriate backlash from Real Estate Professionals to keep Banks out of real estate that it won't be long until ALL real estate professionals will just be working for the banks.
We already have enough real estate agents working / profiting for the big banks. Trust me... If I really thought it was great for the local economy, I would cheer it on. However, like many of the "programs" of the past several years, it's done little to nothing... In fact ... it's probably hindered Main Street.
You are Either for Main Street... or you are against Main Street. Pick your side and consumers need to choose their Real Estate Agent carefully.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.