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VOODOO ECONOMICS: Wall Street investors have bought more than 200,000 foreclosed houses in the past two years

“Blackstone — owner of Seaworld, Hilton Hotels, and the Weather Channel — is the biggest player here, and when they come into town to buy up all the single-family properties, they price actual families out of the market. Their securitized rent payment bonds are backed by some of the biggest subprime criminals, including Credit Suisse, Deutsche Bank, and JPMorgan.

Hedge funds really epitomize compassionate landlording, too. When Blackstone buys in, it jacks up tenants’ rents by as much as a third and immediately begins eviction proceedings against renters who can’t pay. If there are any troubles with your payments, they assess fines against you and make you miss work to pay the rent and penalties in person.”

RIELPOLITIK

Source – boingboing.net

Hedge funds buy swathes of foreclosed subprimes, force up rents, float rent-bonds:

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