In the news from Reuters – “Former Goldman Sachs Group Inc. executive Donald Mullen, one of the architects of the subprime mortgage trade, is trying to raise at least $500 million for a fund that will buy foreclosed homes with an eye toward renting them out. Mullen, who until January was head of the credit and mortgage business inside Goldman’s securities division, began marketing his Fundamental REO Access fund in earnest about a month ago.”
If this isn’t criminal activity, it certainly should be. The guy forecloses on thousands of homeowners, buys their houses using someone elses money and then rents them back to the people who can’t buy a home because of the foreclosure on their credit record. This guy ranks right up there with Madoff and Petters on the ethics scale. I hope there is some legal restriction that stops him; making millions on the backs of the working people once is bad, twice is unbelievable.