It is occasionally stunning to find that Bush Administration lackeys working the gears of our society are so completely inept that even when defending themselves, they say stupid things. Case in point, Senator Chuck Schumer’s fight with HUD over their selling practices:
Currently, the federal Department of Housing and Urban Development allows teachers, police officers and firefighters to buy HUD-offered homes for half their appraised value within the first five days of being advertised. For the next 10 days, the homes then are offered at regular price to anyone planning to live in them. After that, the homes are for sale to any buyer.:: snippage ::
In an e-mailed statement, HUD responded to Schumer’s charges stating that, nationwide, more than half of HUD homes were sold to owner occupants last year.
So, for those of you playing the home game, that’s some number less than half of the total HUD homes sold in the last year that are going to real estate developers, speculators and we may assume, slumlords. Is that OK by everybody? I thought the point of HUD was developing home ownership, but maybe not.