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Letters: Rent-backed securities

October 17, 2012

Re "Entry-level homes scarce in state," Business, Oct. 12

Just when I think Wall Street couldn't be more shameless, it ups the ante. Now individuals are being priced out of the housing market by investor groups that scoop up entry-level homes and package the rental income into another arcane investment vehicle. This a brazen subversion of the American dream of homeownership.

As a former resident of San Bernardino, I saw what happens when owners move out and renters move in. Yet these investors, whose whims seem to be steering our economy (bought any gasoline lately?), seem unfazed by the disaster they foster.

It is not just that these are people who would sell their own grandmothers for profit; in fact, they are selling their grandchildren into a bleak future.

Carolyn Gill



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