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It seems that A the OC and her bestie Ilhan Omar have banded together to find a way to relieve property owners of their real estate, through a proposed bill that, on first read, seems innocuous enough. However, it’s real purpose is to confiscate property from legitimate owners through a federal law. That it is proposed during the current pandemic, which is having a second go-round right now, is an opportunistic attempt to appear to sympathize with people living in rental property who are having a hard time paying the rent, or homeowners who have gone into mortgage forbearance.<\/p>\n
It is no such thing.<\/p>\n
If you read the pdf (below) of the bill as presented, it appears to be innocuous enough, but it is not. These two individuals know nothing about mortgage banking (yes, I DO know more than they do, and you probably do, too) or financing of any kind. We all know that mortgages and other kinds of financing can be renegotiated at any time; that property taxes can be reduced, if necessary, by a legal petition from the property owner; and that rental agreements can also be renegotiated. Some landlords are willing to forego a rental increase when things are tough, just to keep a rental property such as an apartment building occupied and paying for itself.<\/p>\n
https:\/\/newsthud.com\/aoc-attacks-home-owners-squad-pushes-bill-to-strip-property-from-owners-to-make-things-fair\/<\/a><\/p>\n Fair? Taking someone\u2019s property away from him\/her\/it is fair? Hos is it fair? And how is it fair for the federal government to seize someone’s real estate, when it is the county’s job to negotiate property taxes and the bank’s job to negotiate with the property owner to reduce mortgage payments?\u00a0 That’s called refinancing, in case anyone doesn’t know about it. I have yet to find anyone in danger anywhere of being turned out of their homes, or any news stories about people being evicted for having difficulty paying the rent for their apartment.<\/p>\n From the Newsthud article::<\/p>\n \u201c<\/span>The bill would constitute a full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history,\u201d a news\u00a0release<\/span><\/a>\u00a0from Omar\u2019s office says.<\/span><\/p>\n A fund would be created \u201cto fully finance the purchase of private rental properties by non-profits, public housing authorities, cooperatives, community land trusts, and states or local governments \u2014 in order to increase the availability of affordable housing during this downturn.\u201d\u00a0<\/span><\/p>\n This means private property owners would be undermined and the power of government entities would be greatly increased.<\/span><\/p>\n If enacted, the Rent and Mortgage Cancellation Act<\/a>\u00a0would come dangerously close to the socialist dream of stripping people of the right to control their property and would allow for another massive government expansion.<\/p>\n This bill, introduced April 17, would cancel all rent and mortgage payments, regardless of income or employment, for the duration of the coronavirus pandemic.<\/p>\n This means private property owners would be undermined and the power of government entities would be greatly increased.<\/p>\n Landlords and mortgage companies could apply for lost income to a relief fund that would be established for this purpose. Only primary residences would qualify, not investment properties or vacation homes.\u00a0– article<\/p>\n Response to AOC and Omar\u2019s boneheaded idea on Twitter:\u00a0 https:\/\/twitter.com\/thehill\/status\/1255565261492703232<\/a><\/p>\n Another view of it is here at this link:\u00a0\u00a0https:\/\/www.westernjournal.com\/squad-proposes-bill-allowing-feds-literally-cancel-property-rights-pandemic\/<\/a><\/p>\n The pdf of the bill is here: https:\/\/omar.house.gov\/sites\/omar.house.gov\/files\/Omar%20-%20Rent%20%26%20Mortgage%20Cancellation%20Act%20-One%20Pager%20and%20Legislative%20Framework.pdf<\/a><\/p>\n When you’ve waded through it, it seems innocuous enough, but it allows the federal government to seize property, which is NOT the government’s job. A foreclosure on real estate\/real property is handled at the local level. The federal government has never, ever had any hand in that.<\/p>\n The Hill addresses the obvious in this article:\u00a0 https:\/\/thehill.com\/policy\/finance\/495160-housing-advocates-sound-alarm-as-may-rents-collide-with-coronavirus<\/a><\/p>\n From The Hill article:\u00a0 In Piskorski\u2019s economic modeling, the worst-case scenario from the pandemic would result in 30 percent of homeowners defaulting on their loans, meaning government support for the other 70 percent would be unnecessary.<\/p>\n