Location : Ether-Sphere
Job/hobbies : Irrationality Exterminator
Humor : Über Serious
|Subject: How The Obama Administration Quietly Bailed Out Private Equity Landlords At The Expense Of The Middle Class Thu Jan 26, 2017 12:38 am|| |
|So how much did Blackstone promise to give to the Obama library for this huge grift, um, parting gift?|
As regular readers may recall, private equity firms piled into buying foreclosed single family homes on the belief that if the government (in this case, Fannie and Freddie) was selling, they wanted to be buying. And they also convinced themselves that technology would somehow allow them to manage geographically dispersed single family homes, which is inherently a hand-on business, more efficiently than mom-and-pop or small scale operators, many of whom had a cost advantage by having some of the principals provide services (as in doing their own plumbing and electrical, so effectively buying those services at wholesale prices).
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