Owning a home won’t become more common but living in one might.
By telling millions of foreclosed FB’s that they cannot buy again for 5 years and making it difficult for investors to qualify for financing, there may be a glut of homes on the market sitting empty, until someone creates an outfit(ala RTC)to start renting these empty stucco boxes, giving lenders a return on investment, pretending that there are no losses to face.
In two or three years the guidelines may gladly overlook a past foreclosure and allow FB’s to purchase again, at lower levels, assuming that they can qualify.
The FNMA threat of not allowing folks to buy again for 5 years is a scare tactic that probably won’t last.
The market will need them desperately to soak up the spilt milk.
The govt has become the biggest mortgage lender, just wait until they become the biggest landlord.
You don’t need to own a house to be able to live in one…
Govt housing from studios to McMansions for all socialist comrades.
