How Housing’s New Players Spiraled Into Banks’ Old Mistakes
New York Times, June 26, 2016–Goldstein, Matthew; Abrams, Rachel; Protess, Ben When the housing crisis sent the American economy to the brink of disaster in 2008, millions of people lost their homes. The banking system had failed homeowners and their families. New investors soon swept in–mainly private equity firms–promising to do better. But some of these new investors are repeating the mistakes that banks committed throughout the housing crisis.
