After creating the housing crisis with predatory lending practices, making billions in the process, bankers shocked fair housing advocates recently with a move to profit even more off the housing crisis.
Fortress Investment Group, LLC, a private equity firm led by former Fannie Mae CEO Daniel Mudd, submitted a proposal asking the federal government to let it administer a program to rent out 180,000 government-owned foreclosed homes to families who desperately need them.
Not surprisingly, this has outraged many. “It’s really a question of whether the banks that made so much money creating this crisis are going to profit again,” said Jeremy Rosen, policy director at the National Law Center on Homelessness and Poverty. Many groups are calling on the president to prevent these bankers from profiting from their own disaster. While millions of houses sit empty, millions of Americans are living on the streets. This illogical and immoral system must be replaced by socialism.
