$38M to turn tide of foreclosure in Minnesota

  • Article by: CHRIS HAVENS , Star Tribune
  • Updated: February 28, 2009 - 9:05 AM

The federal money will be used to revive struggling neighborhoods statewide that have been overwhelmed by vacant, abandoned homes.

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personjoFeb. 28, 09 4:04 AM

For 38 million we create 250 jobs. Thats $152,000 per job.

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pubnafFeb. 28, 09 4:19 AM

It doesnt matter. Obama and his gang of spendaholics are going to throw money at every problem. It makes no difference whether it works or not. The Democrats feel that throwing money at a problem will always work. THE PROBLEM IS WHO IN TIME IS GOING TO PAY FOR THIS MESS. The answer-the upcoming generations.

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joncmacFeb. 28, 09 5:20 AM

Why wait for this aid, when people can take advantage of the aid out there now, from Citigroup and others. In addition to Citi, Fannie Mae, The federal gov't FHA, many states, JPMorgan Chase, Wachovia, and Bank of America/Countrywide have committed to helping over 2 million homeowners between them keep their homes. I found more info on the programs here. http://www.needhelppayingbills.com/html/help_with_mortgage.html

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dinodinoFeb. 28, 09 6:24 AM

This is a good thing. It's not $159K per job. Some money will be spent on supplies. You cn't rehab a house without the supplies. Quit jumping to conclusions without thinking. Bush threw money at the banks and you said nothing and they are doing nothing but being defiant. Stop looking at the skin color that is so lame. Get over yourself.

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oldblue48Feb. 28, 09 6:44 AM

Seeing is believing.

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CullenFeb. 28, 09 7:11 AM

but our local governments (especially St. Paul) do everything they can to make it expensive and difficult. Work WITH the private market and the problem would ease far faster.

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akornFeb. 28, 09 7:14 AM

...who financed all these bad mortgages. Now they will be able to dump their bad decisions onto the taxpayer. The real solution is simply to put all these properties on auction, bidding starting at $1 each. You would then sell every single one of them to someone who could afford what they were buying, and the neighborhoods would be revived. The problem: then the banks would have to take a loss, and they don't want to do that.

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tpsmkemkFeb. 28, 09 7:19 AM

The market can be a wonderful thing--if its allowed to work itself out naturally. I recently bought one of those Parish homes in New Prague. 125 homes foreclosed a little over 18 months ago.So far 109 of the 115 that have been on the market are sold. My home value has gone up about $10,000 in six months. The once empty neighborhood dotted with renters and people who bought over their head is now roaring back. I suggest our politicians (I will not call them leaders)take notice.

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kurtkolaFeb. 28, 09 7:40 AM

We're paying our mortgage. We don't care to pay yours or to rebuild your neighborhood. Stop the bailouts now and save our future.

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Jeanne_FFeb. 28, 09 8:16 AM

That doesn't help our home hold it's value though I don't know if an infusion of cash will change anything. Usually what happens is that the money trickles down to the neighborhoods, after "administrative" costs have been satisfied, and leaves very little real impact. Then we wonder why it didn't work.

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