Just watched a segment on market day re american foreclosures i...

Just watched a segment on market day re american foreclosures i was amazed..no wonder the yanks are in trouble!

In short and roundabout figures, as i'm going to watch a second time.

This guy Odel Barnes gets calls from freddie mae and fannie mac...to buy houses in like 100 lots...he pays about a grand a house..he can no longer move them himself ..so he now sells to investors..the example given.Odel bought 100 houses for about 100k and then sold to an investor who paid 165k for the hundred houses..(detroit area is the example) He quotes he is offered 1000 houses a week.!!...Odel's model is he then finds out the going rent in the area say $400 a month and then sells the house for a 1k deposit and $295 a month which is less than renting in the area...(totalling around 53k over the agreement..( he's got his money back just via the deposit(which is now what his investors do)another example given this lady paid 500 deposit and 295 a month and gets a free month without payments and if the house needs work he gives 12 months without payments.

The interviewer asked fannie mae rep..why don't you just reduce the value of the loan and keep the owner paying a reduced amount.or sell them themselves...they said were not real estate investors nor property managers..we're financiars!! And she say's it makes sense for them to sell in bulk lots as it helps people and communities...which it does through the Odel Barnes model..but it's the taxpayer footing the losses.

And this Odel Barnes is getting calls all the time and from widenening areas....and so freddie and fannie get the money from the yank taxpayer bailouts and then write of the house at 1k each....unbelievable!!...this interview should be shown around the world just to highlight the inept narrow focused attitude of some of these american so called institutions as these guys are doing what the yank government should be doing!

Am just absolutely amazed..Odel Barnes can move these house and make a buck.....but the "financiers" can't.

Worth watching just for sheer wow factor!!