August 30, 2017

Wall Street bought up foreclosed houses

Jim Hightower - We know that millions of American families lost their homes after Wall Street’s 2007 financial crash. But where did all those houses go?

It turns out that Wall Streeters themselves formed profiteering investment groups that rushed out to scoop up tens of thousands of those foreclosed properties, usually grabbing them on the cheap at courthouse auctions in suburban metro areas that were hard-hit by the crash.

Why are they buying? To turn the homes into rental properties and become the dominant suburban landlord, controlling the local market and constantly jacking up rents. Illegal Foreclosure Epidemic

For example, the Wall Street Journal found that in Nashville’s suburb of Spring Hill, just four of these predatory giants own 700 houses — giving this oligopoly of absentee investors ownership of three-fourths of all rental houses in town.

1 comment:

Anonymous said...

Surely this isn't a newsflash. Any Capitalist economy is a giant double-action pump, constantly draining the pockets of the many to overfill the pockets of the rich. The action on the upstroke isn't the same as on the downstroke, but the result is the same.