Bill Introduced To Ban Home Resale Fees
source: http://www.techdirt.com/articles/20101001/00371611246/bill-introduced-to-ban-home-resale-fee...
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- toyotabedzrock
- added this
For a while now, we've been covering attempts by some banker-types to get housing developers to add a resale fee(http://bit.ly/cKkiYj) to homes so that if and when you resell your house, you have to pay a percentage of the sale price back to the developer. Of course, the real plans is for the main company behind this plan, Freehold Capital Partners, to securitize and sell off these fees(http://bit.ly/9JbUHl), giving developers a chunk of money upfront. As with any such thing, what this really does is drive down the value of your home and make it more difficult to sell. And, these terms are often slipped in(http://bit.ly/bMwLDf) with little to no notice.
A bunch of states have banned these fees, but now a federal bill has been introduced(http://bit.ly/cPFet6) in the House to ban such things nationwide, as a predatory transfer fee. I'm not sure an overall ban makes sense, but at the very least, these sorts of deals (and their serious implications) should be made clear to home buyers well before they decide to purchase a house.
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figgdimension
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That and the fact that the banks have illegally seized homes across America with faulty paperwork and bad banking then more fraud to cover their fraud hoping the bank friendly congress will pass a law to excuse their thievery and we all know they will just like academia creates a culture of fraud they at wall street use to there evil ends see my page Figrd @ http://figrd.blogspot.com robbing people of their homes and robbing America of its morality and what was left of our reputations in bis Thanks ass-clowns do a good deed rob a bank! they robbed us !!!
- 1 year ago
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figgdimension
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treewolf39
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Federal ban in a good idea. Speculation creates empty monetary bubbles. A hard look needs to be given into the building practices of developers. Often the use of substandard materials like Chinese sheet-rock gets over looked in a resale.
- 1 year ago
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treewolf39
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toyotabedzrock
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I almost missed this article, I saw it just by chance.
- 1 year ago
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toyotabedzrock
