Welcome to the morning roundup. Here's a look at what's news in banking and finance.
Investor gets foreclosed home debt deal. A major investment company buying up foreclosed homes to ultimately rent them out has received a $65 million loan deal from Citigroup, the first major financing deal for the increasingly popular business, the Wall Street Journal reports. It could pave the way for securitization of such home rental payments.
Four years after Merrill. Exactly four years and one day ago, Bank of America announced it would buy Merrill Lynch for $50 billion and Lehman went under. Taking stock of the financial world today, the system is no longer on the brink of catastrophe, but things still aren't great, CBS News says.
QE3 impact lessened. The Federal Reserve's new quantitative easing program -- focused on buying mortgage backed securities -- will be slowed by the fact that banks either can't or won't process mortgage applications any faster, the Financial Times says. That keeps mortgage rates higher.
Monday, September 17, 2012
Big firms jumping in to foreclosure-to-rental market
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1 comments:
The whole real estate bubble affected mostly banks because of all the foreclosures they could not execute. I have been investigating other economies and I found that, surprisingly, Argentina has managed the market really well. The rent of an apartment in buenos aires grew significantly because real estate in the capital is of great value. People there live out of rentals, it is an investment as shares in the stock market!
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