Gavin Newsom Plans To Buy All California Real Estate Foreclosures

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Matt Aitchison says a new law in California, SB 1079, will result in the State entering the real-estate-foreclosed home business, which essentially removes competition from investors, and could ultimately socialize real estate as a whole. Following the financial meltdown in 2008, many people lost their homes to foreclosure and there was a great transfer of wealth to investors, especially large institutional Wall Street hedge funds. Blackstone was spending over $100-million per week on distressed properties. Large hedge funds edged out small investors and community buyers. The new law permits eligible bidders, including tenants, families who plan to use the property as their primary residence, non-profits, land trusts and local governments to buy the homes, but they must pay up in cash when bidding. Under the new law, cities are allowed to fine owners $2,000 per day for blighted property. Because most people cannot pay cash for a home, that puts government in the front of the line to buy the properties. Aitchison warns that this policy may spread to other Democrat-run sates. -GEG

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sunny
sunny
1 month ago

Have you watched Planet Lockdown by Catharine Austin Fitts?

Louise
Louise
1 month ago

The implication is that large hedge funds are now prohibited from buying the foreclosed property but the reporting is not clear on this. The implication is that now only smaller private parties will be allowed to bid in a cash-only market, but that point is not clear either.

SS-The Independent
SS-The Independent
1 month ago

IF I put a sign on my land with ‘ FSBO – Prime Beach Front Property ‘, in Central Wisconsin, I will be more ‘ realistic . than that clown Newsom. For those who think slow, I will explain: Commiefornia is bankrupt; the people and businesses are leaving the sh.t hole in droves, the 2nd martial law will kill what’s left of any economic activity…there is NO MONEY ! NO business, no jobs, no money…as simple as that…capisce ?!

. olde reb
. olde reb
1 month ago

Feudalism’s central feature is that the king owns all the land he has conquored

Carl Collicott
Carl Collicott
1 month ago

California does not permit any banking entity operating under Title 12 U.S.C. BANKING, to conduct banking in the state, the only authority to conduct a foreclosure is Code of Civil Procedure 726, a “judicial foreclosure’.Senate Bill No. 1079, amends Civil code 2924, restricted to personal property mortgages, not “residential real property, and the creditor is the state of California.