Fed to teach groups how to buy foreclosed homes

[flashl]

Federal Reserve Board Governor Randall Kroszner said on Wednesday that the Fed would work with a national affordable housing group to help stabilize neighborhoods with high foreclosure rates.

Kroszner, in remarks to a training conference sponsored by NeighborWorks America in Cincinnati, did not address Fed monetary policy or the Fed's broader outlook for the U.S. economy.

Kroszner announced a partnership with NeighborWorks America to help teach the affordable housing umbrella group's local affiliates and other nonprofit community organizations how to acquire, rehabilitate and manage foreclosed homes, known as "real estate owned," or REO, on bank balance sheets.

"The ultimate goal is to return REO to productive use, for example, to provide affordable rental housing or to supply new, sustainable homeownership opportunities in low-and moderate-income communities," Kroszner said.

Yahoo

[cornermouse]

1. Isn't this a little like socialism or communism?

Where the state owns the property?

[Ian David]

2. I'm just guessing... but what are the odds this is a faith-based group giving homes to christians?

[Ian David]

3. List of partnerships...

More:
http://www.nw.org/network/aboutus/partnerships/partners.asp

[Ian David]

4. Human Rights Campaign or a gay rights group needs to get in on this action.

Helping LGBT families and allies move into neighborhoods with foreclosed homes.