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March 4, 2014

78 Groups Urge Scrutiny of Wall Street Cash in Local Housing Markets 
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A group of 78 organizations are asking federal regulators to address
problems caused by private equity firms buying up local housing markets.
The group says the bulk sale of foreclosed homes and an influx of Wall
Street money are displacing renters, pricing out first-time homebuyers
and laying the grounds for another mortgage crisis. They say the drive
for higher profits coupled with a lack of oversight is particularly
hurting low-income borrowers and people of color.

 

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