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NEW YORK (RealMoney) -- 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.
These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value.
You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs(GS_) and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.
NEW YORK (RealMoney) -- 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.
These homes, which are now the property of the U.S. government, the U.S. taxpayer, U.S. citizens collectively, are going to be sold to private investor conglomerates at extraordinarily large discounts to real value.
You and I will not be allowed to participate. These investors will come from the private-equity and hedge-fund community, Goldman Sachs(GS_) and its derivatives, as well as foreign sovereign wealth funds that can bring a billion dollars or more to each transaction.
They sure now how to follow their script. Create a bubble, make massive bonuses, crash the bubble, we bail them out (the keep their bonuses) and then they buy up our old assets for pennies.
Yup..these are the folks voted into office because of the bad policies of Bush.
This administration was going to take the government back "for the people".
Yup..these are the folks voted into office because of the bad policies of Bush.
This administration was going to take the government back "for the people".
How's that working out ?
As an Obama voter, I am very dissappointed in this. What should I do though? Vote for Perry? You think he'd be a better protector of public assets and funds?
Better to sell it to someone who will put it on the market at market rates than to rent it out at less than market rates and further destroy the housing and rental markets. Before this is all finished Yosemite and Yellowstone may be owned by Warren Buffett or Carlos Slim.
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