Fannie Mae sells 44 properties to Detroit Land Bank

**Shai_Hulud** · November-25-14, 10:28 AM

I think this is overall a good thing and hope more are on the way. The more slumlords, and absentee owners eliminated the better. Of course, finding productive owners is easier said then done.

http://detroit.curbed.com/archives/2...homes.php#more

http://www.fanniemae.com/portal/abou...2014/6197.html

**Honky Tonk** · November-25-14, 11:16 AM

Originally Posted by Shai_Hulud

I think this is overall a good thing and hope more are on the way. The more slumlords, and absentee owners eliminated the better. Of course, finding productive owners is easier said then done.

http://detroit.curbed.com/archives/2...homes.php#more

http://www.fanniemae.com/portal/abou...2014/6197.html

Whew, Good deal. I was afraid we were going to run out.

**Shai_Hulud** · November-25-14, 02:42 PM

Originally Posted by Honky Tonk

Whew, Good deal. I was afraid we were going to run out.

I'm assuming that's sarcasm?

Admittedly, this isn't a material amount of properties. Even if it were all the Fannie owned properties, about ~1,300, that would still be a drop in the bucket. Plus the bigger issue of getting them occupied.

But this does mean that DLBA is competent enough to successfully acquire property from bad owners, even when it's Uncle Sam. Maybe they can claim some of the rotting eyesores from the megabanks next.

If someone actually is interested in these houses, they're now accessible instead of wading through bank bureaucracy.

This is progress. Infinitesimal progress...

**Honky Tonk** · November-25-14, 03:12 PM

Originally Posted by Shai_Hulud

I'm assuming that's sarcasm?

Admittedly, this isn't a material amount of properties. Even if it were all the Fannie owned properties, about ~1,300, that would still be a drop in the bucket. Plus the bigger issue of getting them occupied.

But this does mean that DLBA is competent enough to successfully acquire property from bad owners, even when it's Uncle Sam. Maybe they can claim some of the rotting eyesores from the megabanks next.

If someone actually is interested in these houses, they're now accessible instead of wading through bank bureaucracy.

This is progress. Infinitesimal progress...

Yes, it was sarcasm. I don't understand why a City that's swimming in vacant, unoccupied land, that's having a hard time finding RESPONSIBLE [[notice the caps) owners for, and having trouble maintaining, would want to accumulate more? Maybe there's a bigger plan that I'm not privy too, or just can't see.

**drpoundsign** · November-01-16, 10:04 PM

I was searching the makeloveland website last night. It shows the survey of ALL Detroit properties-houses, apartments, businesses, etc. Some houses were evaluated in 2013, and yearly thereafter. I found something Disturbing [[at least-to ME.) A Number of homes rated "good" or "Fair" in 2013, were unoccupied and "poor" a year or two later, and THEN burned down and were removed. I acknowledge there are a lot of rundown houses in the D, and fires are far from rare. But it HAS to be unusual for that many homes to burn within a few years of being evaluated. I hope the landbank isn't taking Illegal shortcuts.

**Johnnny5** · November-01-16, 11:22 PM

Originally Posted by drpoundsign

I found something Disturbing [[at least-to ME.) A Number of homes rated "good" or "Fair" in 2013, were unoccupied and "poor" a year or two later, and THEN burned down and were removed. I acknowledge there are a lot of rundown houses in the D, and fires are far from rare. But it HAS to be unusual for that many homes to burn within a few years of being evaluated. I hope the landbank isn't taking Illegal shortcuts.

Not only is not not unusual, it would be unusual for it not to happen to an empty home in the city. Unless the neighbors remain vigilant, it's likely that within days [[Sometimes even hours) of being vacating the homes are likely to be ransacked by scrappers, vandals or squatters [[Even more so a few years back when metal prices were still high). Of course this is assuming that those vacating the homes haven't destroyed the place on their own. An "If I can't have it no one will" fire isn't an unheard of result of losing a home to foreclosure. If any empty home were to remain in "Good" or "Fair" condition after a few years of sitting vacant I would be very surprised.

**canuck** · November-02-16, 05:12 AM

Well Fannie Mae had a hard time paying her own mortgage and was bailed out by the feds adding further interest on the National debt.

I'm guessing the Chinese have to be more careful when dealing with bungling American assets. At least, they don't have to pretend at democratic policy when they f ..k up at that level of magnitude.

**mwilbert** · November-02-16, 08:09 AM

Originally Posted by canuck

Well Fannie Mae had a hard time paying her own mortgage and was bailed out by the feds adding further interest on the National debt.

I'm guessing the Chinese have to be more careful when dealing with bungling American assets. At least, they don't have to pretend at democratic policy when they f ..k up at that level of magnitude.

True that Fannie Mae was bailed out. False that it added to the national debt; the US has turned a huge profit on the Fannie bailout, and is still making more, so much so that the shareholders are demanding it be given back to them.

**ABetterDetroit** · November-02-16, 08:50 AM

Originally Posted by Honky Tonk

Yes, it was sarcasm. I don't understand why a City that's swimming in vacant, unoccupied land, that's having a hard time finding RESPONSIBLE [[notice the caps) owners for, and having trouble maintaining, would want to accumulate more? Maybe there's a bigger plan that I'm not privy too, or just can't see.

Sometimes I think the exact same thing, like they really don't want owner occupied housing and that reality is heavily disguised. That the real plan is to seperate as many owners and houses as quickly as possible. Next up a big property tax hike on Tuesday to the city with highest property tax rate in America and the most foreclosures that are still happening in volume almost a decade after the meltdown. It is very odd.