Wall Street-backed landlords take bad mortgage route
Shift to loans comes after foreclosure starts slump to their lowest level since 2006
Mon, Sep 15, 2014 - 12:09 PM
Disturbing sign: Investors buying NPLs to increase their rental portfolios is a cause for alarm because they stand to profit by pushing people out of their homes, says Kevin Stein, associate director of the California Reinvestment Coalition. - PHOTO: BLOOMBERG
[NEW YORK] Wall Street- backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb.
The companies have dominated US foreclosure auctions in the last two years by buying...