(1) America's elite creates a housing bubble
(2) America's elite forecloses on the residents
(3) America's elite buys the houses at low cost, then rents them back to the residents.
That's a nice racket.
That's a nice racket.
One thing I don't fully understand, why don't the lenders themselves auction of the properties rather than keeping and profiting off the foreclosed properties themselves?
(1b) American taxpayers bailout insolvent securities firms whose whole business is supposedly predicated on competent risk assessment as a core skill yet totally ignored best practices to threaten the entire economy.
(1c) Pays themselves handsome commissions.
(3 addendum) buys the houses at a low cost made so by the bubble they created _with the bailout money of the taxpayers!!!!!_
(4b) destroys communities, defunds schools, further atomizes and disorganizes the modern American society
I'm not convinced this is a racket. Whereas selling bad mortgage-backed bonds was definitely a racket.