Housing seems to be very toxic at the moment for banks. Why can't the banks/freddie/fannie take these homes and recoup their money via a lottery? 100k home, sell 12,000 $10 tickets, the additional 20 k would pay for closing cost and any expenses involved with the lottery. The lottery system is already in place in many states. This would boost the economy in a multitude of ways. or am I
I am not sure that the market is there to sell enough tickets to make this viable. Lets say on AVERAGE you need to sell 12,000 tickets to break even and there are and estimated 1.1 million homes in foreclosure then you would need to sell 13,200,000,000 ( if my math is correct) I am somehow skeptical there is that kind of market for them....Maybe I am wrong.