From KITCO commentator Jay Taylor.
Another very important development is in the housing industry, where it seems nothing new was learned by the major collapse in 2008-09.
Blackrock has been buying a large number of distressed single family homes. It has sold a $500 million IOU that is secured not by the homes but merely by the rents on 3,200 of the homes it has purchased. Really, it’s a bad joke. Amazing!
Pres. Obama needs to issue an executive order to Yellen to stop lending to institutions that secure homes with rent money instead of property or buy homes on margin.
Otherwise we will have another housing market crash.