From the Daily News:A year ago, Mayor Bloomberg announced the city would spend $24 million in federal "emergency" money to buy and fix 115 foreclosed homes to sell right away.
Bloomberg vowed to "act quickly," saying the purchases would target houses "that might otherwise serve as a source of growing blight."
As of Friday, the city has bought a grand total of eight homes - not 115.
Renovations have yet to begin on any of them, and none is in the hands of a new owner. One of the homes became a squatters' nest.
How all this came to be spotlights the difficulty the city faces trying to overcome daunting obstacles created by the collapse of the housing market.
City officials blame a delay in getting a revolving line of credit from JPMorgan Chase, Deutsche Bank, Goldman Sachs and Morgan Stanley to back the home-buying effort. All four banks have been blamed for the nation's mortgage meltdown.
The nonprofits helping administer the buy-back program say banks aren't accepting the city's reasonable offers for the homes.
10 comments:
Odd that Mayor Bloomberg, whose indispensable expertise necessitated circumventing the twice-voiced will of voters to buy a third term, would make financial errors.
why help idiots that bought homes at inflated prices and got teaser loans when they could not afford it?
oh the american dream right?
what a farce?
More smoke and mirrors from Bloomberg. Grand pronouncements followed by far less than stellar results.
The housing madness of America has no end in sight.
It is odd that Queens Crap has reported nothing on the outrage that is occuring this moment regarding Gambling at Aqueduct, and the Crimminal Deal ALbany is putting together. Here's an idea-- let's let the Bloomberg Bashing stop for a few minutes, and look at what our Idiot Governor is about to wipe his ass on Queens with.
"It is odd that Queens Crap has reported nothing on the outrage that is occuring this moment regarding Gambling at Aqueduct, and the Crimminal Deal ALbany is putting together."
Read much, asswipe? Why don't you do a little homework before you post again?!??!
http://queenscrap.blogspot.com/2010/02/buzz-about-aqueduct-pick.html
Yeah, seriously...
you must not exclude Freddie Mac(Federal Home Loan Mortgage Co.) and Fannie Mae (Federal National Mortgage Assoc.) and the democratic finance committee chairs.,Barney Frank,Chris Dodd.
recently the democratic congress voted to give these two federal loan agencies unlimited loan capabilities.
ACORN.....ACORN.....ACORN......
A year ago, Mayor Bloomberg announced the city would spend $24 million in federal "emergency" money to buy and fix 115 foreclosed homes to sell right away.
Bloomberg vowed to "act quickly," ...
Remind me -- was this one of his many campaign promises that will never come to fruition? Like he'll help the middle class, create tens of thousands of jobs, blah blah blah? Just so much hot air from the little windbag. It's amazing he has any credibility. (None from me.)
Here is why loan modifications are a scam and just not going to happen:
http://thinkbigworksmall.com/mypage/player/tbws/23088/1162246
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