It is fraud against the government punishable with up to $250k fine and prison time.

The house was being lived in as section 8 (government subsidized housing) until the bank took it back - i've looked up the section 8 standards, and apparently the inspector was being paid off or just didn't pay attention to detail....so yes, it's very rentable as-is, and there are so many very low income people around here that would be willing to rent it as-s, but we want to be good landlords, and we want to protect our investment (siding and roofing repair).. since the inspection, we also had to add on 3k of plumbing work (leak under the gravel driveway) and 3K of foundation work (additional piers needed under the house to support it well and masonry repair needed on the brick foundation)

You'll find missing pieces through other Acts, RESPA mentions exemptions from SEC regs, FDIC, COC, Treasury Regs have consumer protection aspects, the Dodd-Frank Act mentions exemptions.By exemption, they are saying that a certain agency or Act will govern the activities of some function and that defines the governing authority, "exempt" from other Acts unless that activity becomes another activity.

You might want to check out the two government programs HAMP and HARP to see if you qualify for either of these.

Ken,I am sure you ask a government official to come and speak, and it would put more teeth into the new laws when someone from the government is there to answer questions.Joe Gore

What do you think of the recent signs of slow down of the mortgage activity as outlined in a Wells Fargo writeup:"The nation’s top mortgage lender said Friday that its revenue slipped in the first quarter for the first time in more than two years, largely because fewer people are taking advantage of ultralow interest rates and government programs to refinance."

An Emergency Financial Manager is in place, who will be restructuring Detroit's city government, possibly cutting deals on the debt that is strangling their finances, etc.2.

For any mortgage involving the Federal government, like FHA, VA, USDA, Fannie, or Freddie the penalty is 5 years in jail and a $250,000 fine.An easier course of action is to buy the second property as an investment property, rent it out and after a year or what ever time you agreed to, has passed move from house 1 to house 2 and rent house 1

TARP is a US Government program that is not open for participation any longer.

Those funds are in trust, belong to you subject to the contract provisions that govern your pledging the money.