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Wall Street Firm on Rental Property Buying Spree in Cook County

chicago.curbed.com | November 19, 2014

By Patrick Sisson

Hearing the term "securitization" and Wall Street in the same sentence might make some people nervous. That goes double when it involves the place that you live in. Blackstone Group, a private equity firm that just completed a multi-billion dollar sale in New York, has been on a rental property buying spree, taking advantage of low prices to pick up $8 billion in property across the country, including 1,300 homes in Chicago and Cook County. The company is also grouping these rental properties together via securitization schemes reminiscent of those that led to the housing bubble six years ago.

Collectively referred to as Invitation Homes, the Blackstone rental properties have been the subject of investigations that paint the corporate giant as a terrible absentee landlord, impossible to contact and unwilling to initiate needed repairs. It's typical "worst-landlord" fare including broken air conditioning in sweltering heat, vermin infestations, shoddy quick fixes that don't last. Invitation/Blackstone responded by saying they're stabilizing neighborhoods and providing affordable rental property. According to an expert quoted by DNAinfo, it's all about the business plan — is Blackstone looking for long-term value and aiming to resell the property later, or are they looking to quickly maximize profit? It doesn't look like Wall Street is leaving the rental game anytime soon; after Blackstone sold their first $479 million bond backed by rental payments last November, the competitors moved to set up their own.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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