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News Link • Economy - Economics USA

Evolving Global Financial Crisis. Selling "Foreclosed Homes"

•, by Bob Chapman
 The government is preparing to package and sell foreclosed homes. We do not know what discount to the current market there will be but you can guess it will be 20% or more. This event will cause home prices to trend lower dependent on whether the houses are put up for sale or rented. These homes will only be available to big buyers such as hedge funds and others with enormous amounts of capital. It is expected that the homes will be sold in lots of 5,000 to 10,000 and the minimum bid would be $1 billion. This is corporatist fascists busy at work. You could call it the largest transfer of wealth from the private to the public sector in history. Fannie Mae and Freddie Mac could be sellers of 250,000 or more homes with more in the wings, perhaps another 250,000.

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