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-   -   The Rise of the Bankster Landlord (http://www.politicalchat.org/showthread.php?t=7927)

Tom Joad 07-27-2014 02:00 PM
The Rise of the Bankster Landlord
 
Looks like somebody is benfiting from the housing bust.

The same people who benefited from the bubble. :rolleyes:

http://truth-out.org/opinion/item/25132


Quote:
One of the most startling trends to come out of the wreckage of the 2007-2008 financial crisis is the explosion of Wall Street firms buying up and renting out property all across the country.

The housing glut and foreclosure crisis that was, for most Americans, the symbol of the devastation caused by the worst economic downturn of our lifetimes, was, for Wall Street a wonderful business opportunity.

A study from the Center for American Progress estimates that in the five plus years since the crash, "institutional investors [i.e. big banks and hedge funds] have... bought approximately 200,000 single-family homes at bargain prices and converted them into rental homes."

Amazingly, the New York City-based hedge fund The Blackstone Group has focused so much of its resources on the real estate business that is now the single largest landlord in the entire country.

continue

finnbow 07-27-2014 02:02 PM
Though at first blush it sounds bad, it's better than nobody buying those homes.

Tom Joad 07-27-2014 02:05 PM
Quote:
Originally Posted by finnbow (Post 233339)
Though at first blush it sounds bad, it's better than nobody buying those homes.
That's true.

But it appears that a lot of the same people whose greed and misconduct are responsible for those empty houses are now snapping them up at fire sale prices in order to make another killing.

finnbow 07-27-2014 02:07 PM
Quote:
Originally Posted by Tom Joad (Post 233340)
That's true.

But it appears that a lot of the same people whose greed and misconduct are responsible for those empty houses are now snapping them up at fire sale prices in order to make another killing.
Yep, but it's still better than if they didn't.

Tom Joad 07-27-2014 02:24 PM
Quote:
Originally Posted by finnbow (Post 233341)
Yep, but it's still better than if they didn't.
Yeah, but it still sucks.

Instead of bailing out the banks, the federal government should have bought up all these houses, at fire sale prices. And if the banks balked at it, we should have told them to suck it, we're doing it anyway. Then the fed should have put them up for sale to ordinary schmucks who needed a place to live and financed them with 30 year 3% mortgages. Yeah, I know. We couldn't do that because there are laws in place to protect the wealthy.

Instead we let the free market handle it, except for our 700 Billion dollar infusion of So************************m to the rich. And then we let the banksters fuck the ordinary schmucks a second time. I mean seriously this whole thing is fucking rotten.

bobabode 07-27-2014 03:11 PM
Quote:
Originally Posted by Tom Joad (Post 233345)
Yeah, but it still sucks.

Instead of bailing out the banks, the federal government should have bought up all these houses, at fire sale prices. And if the banks balked at it, we should have told them to suck it, we're doing it anyway. Then the fed should have put them up for sale to ordinary schmucks who needed a place to live and financed them with 30 year 3% mortgages. Yeah, I know. We couldn't do that because there are laws in place to protect the wealthy.

Instead we let the free market handle it, except for our 700 Billion dollar infusion of So************************m to the rich. And then we let the banksters fuck the ordinary schmucks a second time. I mean seriously this whole thing is fucking rotten.
Sounds about right to me.

Pio1980 07-27-2014 04:04 PM
I'm fine with bailouts as long as the perps gaming the system are accountable.

Sent from my SM-N900V using Tapatalk

MrPots 07-29-2014 11:59 AM
Quote:
Originally Posted by finnbow (Post 233341)
Yep, but it's still better than if they didn't.
What they are doing up popping up with cash so folks who need a mortgage and are ready to close are cut out of the opportunity. I hear it time and time again, they are snapping up the best properties, leaving only the poorest for folks who need to take out a mortgage.

Just more screwing over by the elite. I need to buy into guillotine stocks.

(I did Google "best way to kill rich people" but Google was no assistance whatsoever.....:) )

bobabode 07-29-2014 12:22 PM
Quote:
Originally Posted by MrPots (Post 233512)
What they are doing up popping up with cash so folks who need a mortgage and are ready to close are cut out of the opportunity. I hear it time and time again, they are snapping up the best properties, leaving only the poorest for folks who need to take out a mortgage.

Just more screwing over by the elite. I need to buy into guillotine stocks.

(I did Google "best way to kill rich people" but Google was no assistance whatsoever.....:) )
I'm a fair carpenter and I have my own tools. ;)

MrPots 07-29-2014 01:27 PM
I like a competent man who can get things done. :)


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