Wall Street Landlords Buy Bad Loans for Cheaper Homes

February 21, 2014

Source: Bloomberg

Wall Street-backed landlords are showing a greater appetite for bad mortgages as a source for cheap property as the supply of foreclosed homes declines while housing prices continue to climb. The government, lenders such as Bank of America Corp. and investment firms sold about $34.7 billion in non-performing loans last year, up from $13.1 billion in 2012, according to David Tobin, principal of Mission Capital Advisors.

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