My Landlord The Bank…
Meet Altisource, a mortgage broker, real estate property manager and broker and basically a vulture bank that’s buying up bad loans and homes in default to turn them into rental properties.
Just curious, does anyone see where this could be going? First, create a bunch of bad loans on homes. Then watch people default. Then take the homes and then sell them to yourself for cheap, of course, by yourself I mean a separate business entity because you don’t want to worry about taxes and write-offs do you? After buying the foreclosed homes cheap they can be turned into rental properties, making a bank the landlord.
Imagine if the banks own every home in America? In some ways, you could say they would then control the lives of the people, controlling one of the most fundamentally important parts of our lives, our housing. Think about that. Think about a future where the bank issues you debt, holds your money, issues national currency and owns your home… Actually, that dystopic dream has arrived and it’s happening right now.
In a soon to come episode of Surviving Capitalism we will meet someone living this reality right now.
Until then, it’s ok. Put your head back in the sand.