Screwed Again Saturday

1a

Thomas Barrack, chairman of the Presidential Inaugural Committee, greets Vice President Mike Pence on January 20, 2017. (Tom Williams / CQ Roll Call)

The Butler family owned this home for nearly five decades. But after Marcus’ mother died in 2012, the house became a pawn in a real estate game that last year helped plunge America’s homeownership rate to its lowest level since 1965.

While soaring home prices, stagnating wages and tough loan requirements surely have contributed to historically low homeownership, the story of this modest bungalow suggests a more deliberate force at work, one commandeered by a cabal of Trump’s closest associates.

It was foreclosed on by a bank run by Steve Mnuchin, now Trump’s treasury secretary, and Joseph Otting, whom Trump nominated to be America’s chief bank regulator. The bungalow was then sold on the courthouse steps to a company created by Tom Barrack, a Southern California real estate mogul and one of Trump’s oldest friends.

Eventually, the home was bundled, along with more than 3,000 other single-family homes, into a $514 million mortgage-backed security, which holds the deed to the house. The company that created that security, JPMorgan Chase & Co., is led by Jamie Dimon, vice chairman of an economic advisory panel that met regularly with Trump until it disbanded last month in the wake of the president’s comments blaming “both sides” for violence at an alt-right rally in Charlottesville, Virginia. Also last month, a firm founded by the chairman of that same economic panel, Stephen Schwarzman, announced that it was merging with the company Barrack founded — creating the largest single-family-home rental company in America.

Aaron Glantz @ TRUTHOUT

About Den

Always in search of interesting things to post. Armed with knowledge and dangerous with the ladies.
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5 Responses to Screwed Again Saturday

  1. Den says:

    Since rich boy got here, more and more money-sucking assholes have emerged like a festering disease.

    Like

  2. Micki says:

    This “us” against “them” attitude will only exacerbate the problem. There is no way in hell that improvements for the greater good will occur, if there’s no pressure to clean up the ENTIRE cesspool. Anyone who thinks jabbing their finger at Republicans, while tacitly letting Democrats off the hook, is doomed to disappointment.

    Obama is already on the Wall Street lecture circuit for $400,000 a pop, plus lavish perks. He bailed out the banks without curtailing their future activities — it was CLEAR then where he stood on the corruption scale.

    He used drones, with no discernible concern for lives of children. He sold out to the insurance and pharmaceutical companies on his crappy ACA. He used the 2001 Authorization for the Use of Military Force whenever he chose to, with no advise and consent from Congress.

    I am NOT shocked that we’re going down the crapper — the powers that be have manipulated us into a divided nation, accusing “the other party” of wrongdoing, when BOTH parties are beholden to the corporations.

    Like

  3. Den says:

    Like

  4. Den says:

    Flipping out over the Hay Hurdles:

    Like

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