A HUD Plan Worth Saving
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Kenneth Harney’s bias supporting the government’s proposal to annually outsource more than $6 billion of federally owned real estate to a few mega-corporations (“HUD to Privatize Foreclosed Home Sales,” March 22) is appalling.
He neglects to mention that they will receive a 50% wholesale cut during purchase, then resell the properties to an unwitting public, while American taxpayers take a yearly $3 billion bath.
Harney’s “new opportunities for moderate buyers” would decrease the number of affordable homes for tens of thousands of HUD foreclosure buyers, yet increase prices set by new corporate owners.
The HUD foreclosure program in Southern California is a great success. In the Los Angeles region, with fiscal 1996-97 goal of 2,900 sales, brokers closed more than 4,400 escrows.
The article supports the contention of the HUD Broker Committee that the government wants to eliminate the program despite its successes.
CHARLES J. CRABLE IV
Chairman, HUD Broker Committee
Palmdale
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