Great news, everybody: After deliberately failing to help millions of American families stuck in vulture mortgages, the U.S. government is now giving those foreclosed homes to Wall Street for pennies on the dollar so that Wall Street can then rent the now-vacant foreclosures back to the same people pushed out during the Wall Street-caused housing bubble collapse.
Wall Street stands to make an immense profit by becoming, overnight, the “largest improved real-estate owners in the world.” Who says capitalism doesn’t work, with a little help from the government by taking away the property of the working class and giving it to billionaires who pay no taxes? Who says that?
The Street/RealMoney.com reports on this innovative solution to the problem of millions of foreclosed homes currently not providing income for Goldman Sachs:
The largest transfer of wealth from the public to private sector is about to begin. The federal government will be bulk-selling the massive portfolio of foreclosed homes now owned by HUD, Fannie Mae and Freddie Mac to private investors — vulture funds.
NOTE: Investors will pick up these funds in bulk investments of 100 million-500 million bundles, rent them out at attractive rents, and then when there is a population of capable buyers sell them at prices below standard and still make a killing. Further hurting the normal housing market in the process.
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