So, the organization most responsible for the current financial crisis, the US department of Housing and Urban development, has decided to blow a couple more million dollars of borrowed money for “housing counseling and training.” Dear me – I wouldn’t trust these guys to teach a five-year-old how to tie his shoe laces, so another five million dollars will get thrown into the black hole of the housing disaster.
Well – seeing as the American Government Inc now seems to – directly or indirectly – hold all the mortgages on all the residential property in the U.S, a new panel and conference has been instigated to discuss the future of housing finance.
A recent announcement by the HUD secretary has just thrown another spanner in the mix as far as investing in US real estate goes. Already, far too much interference by the US Government Inc has skewed and in many cases destroyed the independent nature of the real estate market. Once one takes into consideration the fact that US banks own 22 million residential properties, and HUD foreclosures are mostly sat rotting, the introduction of $65 million seems like a drop in the bucket, and we suspect that most of this will vanish into a few select pockets in any case. Regardless, this is the announcement:
