It’s back, a new and improved contraption, a synthetic structured security that on its polished surface looks like that triple-A rated mortgage-backed toxic waste that helped blow up the banks and your retirement fund five years ago. But this time, it’s different. It’s even worse. The securities, if you can call them that, are backed by rental payments from single-family homes that – thanks to the Fed’s gracious free money policies – have been gobbled up by new mega-landlords since 2012. The same suspects that were bailed out last time have been lined up to engineer these elegant products.
Read…. Exquisitely Reengineered Frankenstein Housing Monsters