Selected rich Wall Street investors are poised to grab millions of foreclosed homes owned by Fannie Mae, Freddie Mac, and the FHA.
For pennies on the dollar, these selected investors and insiders, can acquire 1000s of homes bundled together, turn them into rental properties, and when the market recovers, flip them for huge profits. Oh, and also make money from rental income as they go.
This backroom deal has been negotiated, and and the “pilot round” was announced Feb. 1. The pilot program is designed only for the super wealthy, and ignored 1000s of public comments for a more equitable approach.
This Next Great Wealth Grab will move even more money and assets to the 1%. Estimates are that these federal agencies will soon own 1.4 Million homes, with another 2 Million estimated to be in late stage delinquencies. That’s 3.4 Million homes.
Wall Street bankers and Hedge Funds got rich while creating the biggest housing crisis in history, then they were Bailed Out, now they want more.
Sign our petition now.
Tell President Obama: Do not let Wall Street get richer while they destroy the middle class. Stop the Next Great Wealth Grab!
Follow these sample numbers: the investors purchase homes for 30% of the value. The Census Bureau says the average home value in the US is $273,000. So these investors will pay about $82,000 per home. They are grabbing $191,000 per house in wealth times 3.4 million equals $649 Billion in wealth. That’s $649,000,000,000 in private gains by hedge funds and the 1% to “help out” Fannie Mae, Freddie Mac, and FHA get these properties off their books.
This wealth belongs to U.S. citizens who pay for these public entities and if we do not stop it we will have one of the greatest transfers of wealth from the public to the private sector.
We need STOP the Next Great Wealth Grab.
Sign our petition!