Tuesday, July 1, 2008

Thank You Fairfax Board Chairman Connolly !!!

These days leadership seems so scarce. While millions loose homes to foreclosure and neighborhoods are blighted by the rise of abandoned and trashed home, our inept President and our "do nothing" congress offers nothing to bring relief to the escalating problem. Fairfax County (Virginia) Board Chairman Gerald Connolly demonstrated bold leadership by arranging for Fairfax County to purchase these properties and offer low interest loans to new owner occupants. This effort provides a reasonable approach to reduce abandon properties, maintain quality neighborhoods, and provide some affordable housing Fairfax County. Finally someone is doing something.

6 comments:

Anonymous said...

This is grandstanding by a democrat wannabee politician. So they are buying 10 homes. The rest of the program is utilizing resources already in place that Connolly had nothing to do with. BTW his name is Chairman Connolly not Chairman Gerald. What role did the President have in this? Was he the real estate agent, was he the mortgage broker, was he the closing agent, or was he the starry eyed buyer who made a purchase they couldn't afford. Leave the government out of this. Let personal resposibility and the market work this out. The real value of these houses is finally being determined.

Anonymous said...

Do nothing? More boarded up homes? rats nests? why don't you mow my loan!!

"Leave the government out of this." Lets see what curb appeal that gives you?

mortgagedataweb said...

I'd prefer to characterize this as leadership by expample as opposed to grandstanding.

You are correct that it is Chairman Connolly not Chairman Gerald (me bad!) I'll fix that!

EconProf said...

I agree with the first anonymous. Isn't Connolly running for something their in Vriginia? The houses won't be boarded for long. Economics will rule the day if left alone to do so. Keep the government out. The prices will come down to what the houses are actually worth, people will pay what is rational, and their loans will be managable this time. Please explain how one "mows their loan"? Is that like negative amortization, genius?

mortgagedataweb said...

A cluster of foreclosed vacant homes presents an immediate danger to a community. The problem is so pervasive now that innocent bystanders are adversely impacted. What if you lived on a street having several vacant homes that went to foreclosure months ago? This problem is mitigated by having owners who a) can afford the property, b) maintain the property, and c) occupy the property for their own benefit and the community. Neighbors to clusters of vacant properties will have their investments saved and the tax base of the entire county benefits.

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