Let’s Foreclose Faster, Blackstone Needs More Properties!

I’ve read and participated in many debates/discussions about the  pros and cons (alleged pros, I should say) of foreclosing faster.  Throughout these many blogs and news stories, one aspect of the debate is almost always missing …

What happens to the properties after they are foreclosed?

I’ve discussed this issue many times, including here, here, and here.  If you think I’m beating this issue to death, you tell me – what’s the point of foreclosing faster if those houses are going to a billion-dollar hedge fund like Blackstone?

This issue just drives me nuts.  Why do so many intelligent people – lawyers, judges, legislators, etc. (not all, but many) – spend so much time and money trying to develop a system that allows faster foreclosures simply so these properties can be transferred to billion-dollar hedge funds?

Here is the article in today’s Tampa Tribune.

Mark Stopa

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