My question is: If the "Bail Out" passes and the government buys some (many) bad mortgages and now owns some (many) foreclosed property, who is going to manage the property? The usual chain of events for unoccupied homes is that the grounds grow wild, the lawn is 3 feet tall, birds and vermin take up residence, local kids do some mischief, vandals do some real damage, drug users may take up residence. The value of the property continues to fall. The local government has problems finding or contacting the owner. My point is that the Fed. Gov. is too large to manage individual properties, and properties will be lost in the red tape. Maybe this will be a new business in the making, the management of government properties.
|