Have I got a hot tip for all sociopathic investors! Get into buying up foreclosed homes! Under the capitalist system, everything becomes a commodity, even homes where people live, raise families, have ties with friends, neighbors, communities, and schools. But, there is an upside--one family's tragedy can make someone else rich. You, too, can make a killing by investing in this widely available commodity!
Wiel says the agency [Federal Housing Finance Agency] may auction pools of properties to investors, perhaps coupled with federally guaranteed financing that lowers their cost of capital significantly. The Resolution Trust Corp. employed a similar policy in the early 1990s to sell off mortgages held by failed savings and loan banks.
On Feb. 27, the FHFA unveiled a pilot program to sell repossessed houses in Los Angeles, Phoenix, Florida (SPCSMIA) and other hard-hit markets to investors who qualify with the agency. Waypoint submitted an application. “This could be a total game changer for us,” Wiel says.
It’s striking that Washington is looking to Wall Street for answers after investors’ zeal for subprime mortgages helped foment the housing morass, Green says. She says a boom in rentals may encourage mortgage lenders to foreclose on delinquent homeowners instead of reworking their loans to be more affordable.The US is truly the land of opportunity. Anyone, without a conscience and with insider knowledge, can get rich here. Economic busts as well as booms offer opportunities--for the One Percent. Ain't capitalism wonderful?