The same banksters whove stolen everyones homes through fraudclosure have amassed fortunes of cash in offshore accounts ... and theyre using it to snap up the foreclosed homes with cash at firesale prices. Their plan is to LEASE these stolen homes back to the people they stole them from and bundle the lease agreements into securities for the Wall Street casino, just as they did mortgages. excerpt: Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown. Wall Streets foreclosure crisis, which began in late 2007 and forced more than 10 million people from their homes, has created a paradoxical problem. Millions of evicted Americans need a safe place to live, even as millions of vacant, bank-owned houses are blighting neighborhoods and spurring a rise in crime. Lucky for us, Wall Street has devised a solution: Its going to rent these foreclosed houses back to us. In the process, its devised a new form of securitization that could cause this whole plan to blow up—again.
Posted on: Wed, 04 Dec 2013 20:53:49 +0000
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