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Blackstone Group profits from Stolen Middle Class Homes

The large corporate landlords not only charge higher rents than most other landlords they also fail to maintain the rental properties. All they care about is profit and nothing else.

Livinglies's Weblog

Editor’s Note: Blackstone Group’s special relationship with banks and county recorder’s offices allowed them to buy blocks of illegally foreclosed homes for pennies on the dollar.  A significant percentage of these homes purchased in the foreclosure crisis had fraudulent paperwork, forged signatures, and were “owned” by MERS. At some point, when rentals are not so profitable, Blackstone will turn around and resell these homes that lack clear chain of titles to unsuspecting buyers.

https://www.ft.com/content/968d075c-7dc6-11e7-9108-edda0bcbc928

Blackstone Group LP US home rental giant created in $20bn deal Merger of Blackstone and Starwood units covers 82,000 houses after buying foreclosed properties

by: Javier Espinoza in London and Kara Scannell and James Fontanella-Khan in New York

Two companies that bought thousands of homes after the US foreclosure crisis that began a decade ago are planning to merge, creating the country’s largest owner of rental houses and marking the culmination of a huge private equity…

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