{"id":13136,"date":"2010-09-02T07:08:06","date_gmt":"2010-09-02T14:08:06","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=13136"},"modified":"2010-09-02T07:08:06","modified_gmt":"2010-09-02T14:08:06","slug":"those-who-can-not-learn-from-history-are-doomed-to-repeat-it","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13136\/those-who-can-not-learn-from-history-are-doomed-to-repeat-it\/","title":{"rendered":"Those Who Can Not Learn From History Are Doomed To Repeat It"},"content":{"rendered":"

HUD announces it’s “First Look” program<\/a> today:<\/p>\n

The National First Look Program<\/em> is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD’s Neighborhood Stabilization Program (NSP)<\/em> a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished.<\/span><\/span><\/span><\/span><\/p><\/blockquote>\n

On the surface, it sounds idealistic.\u00a0 Who would be against local stakeholders being afforded the opportunity to improve their communities?\u00a0 Don’t private investors do that, though? Maybe this program is targeted at those properties which even the scavengers avoid.
\n<\/span><\/span><\/span><\/span><\/p>\n

HUD’s NSP grantees, which include state and local governments and non-profit organizations, often find themselves competing with private investors for real estate-owned (REO) properties, which can hinder their efforts to stabilize neighborhoods with high foreclosure activity. With today’s announcement, HUD and the Stabilization Trust, working with national servicers, Fannie Mae, and Freddie Mac, will standardize the acquisition process for NSP grantees, giving them an exclusive option to purchase foreclosed upon homes in certain targeted neighborhoods.<\/span><\/span><\/span><\/span><\/p><\/blockquote>\n

Huh?\u00a0 Competition is the engine which drives a functioning market.\u00a0 This means that a government agency will specifically eliminate competition and deliberately sock banks with a loss.\u00a0 How is THAT good?<\/span><\/span><\/span><\/span><\/p>\n

HUD’s Neighborhood Stabilization Program<\/em><\/a> was created to address the housing crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes. NSP grants are helping state and local governments, as well as non-profit developers, acquire land and property; demolish or rehabilitate abandoned properties; and\/or offer downpayment and closing cost assistance to low- to middle-income homebuyers.<\/strong> Grantees can also stabilize neighborhoods by creating “land banks” to assemble, temporarily manage, and dispose of foreclosed homes. To date, HUD has allocated nearly $6 billion in funding to state and local governments and non-profit housing developments. In the coming weeks, HUD will allocate an additional $1 Read more<\/a><\/span><\/span><\/span><\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

HUD announces it’s “First Look” program today: The National First Look Program is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD’s Neighborhood Stabilization Program (NSP) a […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-13136","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4858,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4858\/will-mortgage-brokers-be-the-hope-for-homeowners\/","url_meta":{"origin":13136,"position":0},"title":"Will Mortgage Brokers Be the Hope For Homeowners?","author":"Brian Brady","date":"October 8, 2008","format":false,"excerpt":"The FHA Hope For Homeowners program was designed for existing homeowners, struggling with mortgage payments and an \"upside-down\" equity position in their primary residence.\u00a0 It is a new program with lots of misinformation.\u00a0 Some believe it can only be offered by existing loan servicers, some think only participating lender\/servicers can\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5554,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5554\/nar-promotes-housing-stimulus-plan\/","url_meta":{"origin":13136,"position":1},"title":"NAR Promotes Housing Stimulus Plan","author":"Dave Phillips","date":"November 12, 2008","format":false,"excerpt":"Here is a fresh bone for Bloodhounds to chew on.\u00a0 This 4-point stimulus plan was approved by the NAR Board of Directors this past Monday and is being pushed heavily in Washington DC.\u00a0 The National Association of Realtors\u00ae will offer a four-point legislative plan to reinvigorate the housing market, calling\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4537,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4537\/will-the-democrats-endorse-hank-paulsons-mortgage-bailout-plan\/","url_meta":{"origin":13136,"position":2},"title":"Will The Democrats Endorse Hank Paulson’s Mortgage Bailout Plan?","author":"Brian Brady","date":"September 19, 2008","format":false,"excerpt":"This Presidential election campaign is exciting to watch.\u00a0 Team Obama benefits from the continued free fall on Wall Street.\u00a0 Sean Purcell reminds us that folks on that side of the aisle like to say \"I'm from the government, we're here to help you\" yet the other side is the one\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4310,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4310\/nehemiah-and-ameridream-may-be-restored-by-end-of-the-month\/","url_meta":{"origin":13136,"position":3},"title":"Nehemiah and AmeriDream May Be Restored By End of the Month","author":"Brian Brady","date":"September 9, 2008","format":false,"excerpt":"Tomorrow's Mortgage Industry March on Washington, to save the seller-contributed down payment assistance programs, may be for naught.\u00a0 It looks like the deal's been cut already. Last month, I explained that House Financial Services Commmitee Chair, Barney Frank, was maneuvering to save the seller-contributed down payment assistance program.\u00a0 Chairman Frank\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8526,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8526\/8526\/","url_meta":{"origin":13136,"position":4},"title":"$8,000 Tax Credit Advance Friend or Foe?","author":"Scott Cowan","date":"May 20, 2009","format":false,"excerpt":"I have been following the $8,000 Federal Tax Credit with great interest this year. Currently it is the most talked about topic that I am discussing with potential home buyers. There is a lot of interest in receiving $8,000 when a first time buyer files their taxes for 2009. Now\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5374,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/5374\/restoring-a-bargain-priced-lender-owned-home-is-easy-if-you-have-cash-but-a-hud-203k-rehab-loan-makes-it-easy-even-if-you-dont\/","url_meta":{"origin":13136,"position":5},"title":"Restoring a bargain-priced lender-owned home is easy — if you have cash — but a HUD 203k rehab loan makes it easy even if you don’t","author":"Greg Swann","date":"November 1, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Restoring a bargain-priced lender-owned home is easy -- if you have cash -- but a HUD 203k rehab loan makes it easy even is you don't Last week we talked about troubled homes and how they can\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=13136"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13136\/revisions"}],"predecessor-version":[{"id":13137,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/13136\/revisions\/13137"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=13136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=13136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=13136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}