Boston condos for rent

Boston condos for rent

After nearly destroying the world economy by recklessly selling bundled mortgages in securitized bond packages, it seems some Wall Street firms hope to roughly do the same thing with single-family homes that people rent.

BlackRock, which has purchased tens of thousands of foreclosed homes and now rents them out to people at a profit, is reportedly negotiating with other financial firms to develop a new “product” in which its single-family homes are sold off to investors in bundles.

But instead of investors making money from people paying off mortgages, the profits from these bundled securities would come from people paying their monthly rents.

Ok, so a lot of people buy foreclosed homes and later make a buck by then renting them out or selling them off when the markets improve.

But this is believed to be the first time that a major financial player, i.e. BlackRock, has tried to do this on a massive scale with rented homes – and then trying to securitize the rental properties. They’re already being called “rent-backed securities.”

Here’s someone who’s not happy about the idea.

And, oh, the NYT reports today that the rating agencies are once again allegedly giving special treatment to big banks in their ratings.

Incredible.

File under: Those who don’t learn from history are doomed to repeat it.

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Boston condos

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Updated: January 2018

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