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In the summer of 2006, Chad Ellingwood was not really in the housing market. But when his best friend in the Woodland Hills – a community sleeping in the San Fernando Valley in Los Angeles – finds an interesting address – the two men decide to go for a dream.

Ellingwood, a gentle man with a gentle demeanor, stepped into a house under a large deodorant cave, as if he had been transformed into a house in Northern California, like a house he had visited many times in his childhood, with all the grown-up leaves – olive trees, citrus trees, beaches and reds. Trees. Ellingwood told me that he and a friend were walking in front of a pool and to a complaint house built in 1958, which was “amazingly adventurous”. Inside was a “captains’ area” – a room that looked like a boat cabin with a built-in bed and mattress, and a number of stained-glass windows made by the owner’s own owner. That one

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A woman with fair hair with flowing hair turned into fingernail feathers. Behind the house were several small buildings, one of which was the size of an office – meditation “Zen Cave”, Ellingwood thought. The other A-shaped, grandmother-shaped Swiss Charlotte-like unit, above the garage, showed its owner a collection of toy trains.

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One of Ellingwood’s goals was to buy him a home by the time he was 30 – a birthday boy who had arrived six months earlier. When Ellingwood started talking to creditors, he realized he could easily get two loans. This was the climax of the nightmare when the mortgage brokers were reluctant to mortgage, because the debt was put together and secured and turned into a pile of bad debts for a huge profit. The home is valued at $ 840,000. He invested $ 15,000 and spent the remaining $ 250,000 on savings and kitchen renovations, which increases the value of the home.

Suddenly grew on him. He married on New Year’s Eve and his wife gave birth to their first child, a son, in April. When his 88-year-old grandfather, a senior professor of electrical engineering at the University of Houston, came downstairs, Ellingwood asked him to enter the house for sale across his yard. The grandfather bought a house with his daughter, Ellingwood’s mother, and the first thing they did was tear the wires between the two properties and form one large family. In 2009, Ellingwood’s older sister bought a corner house.

But shortly after the birth of Ellingwood’s second son, his marriage fell apart in June 2010. He and his wife each filed a detention order. To pay his lawyer, he planned to refinance his house, and his grandfather extended his inheritance to him. In 2012, Ellingwood paid his lawyer more than $ 80,000, and he dropped out of debt amid the chaos of the war for his children. He consulted with several experts and asked him to file for bankruptcy protection so that he could have an automated trial for eviction before his house was sold.

In May 2012, Ellingwood took his two sons ashore when he received a phone call, desperate to spend most of his limited time with them. He pulled over, listening intently to the car and his sons in the back seat, realizing he had lost his home. He sent a friend to stop the auction with a check for $ 27,000 – the amount he had on loan – but nothing could be done. When Ellingwood filed for bankruptcy and then failed, a bond was placed on his house, which he called a “love sentence” that prevented him from repaying his loan. Within minutes, the house was selling for $ 486,000, $ 325,000 less than his debt.

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Over the next few months, however, Ellingwood was a little excited about what had happened. The company that bought his house offered to sell it to him for another $ 100,000 to acquire it. He told Strategic Acquisitions that it only takes a short time to collect the down payment. The company, meanwhile, asked him to sign a two-page lease with a two-page extension.

It was clear from the beginning that there was something a bit unusual about his new masters. Instead of sending their rental checks to a management company, the men struggled to get them. Within months, Ellingwood realized that one check he had written for $ 2,000 had not been counted in his rent book. He called and emailed to resolve the issue and eventually sent an e-mail saying he would not pay more rent until the company explained where his $ 2,000 had gone. He had not been hired for more than three months, hoping for a response. Instead, the company sent an exit notice in front of his door.

Ellingwood hired a lawyer and informed the Santa Monica court of all his financial checks in chronological order on the day of his trial. When the judge called his case, the strategic advantage lawyer asked for time to review the papers. After showing every check of Ellingwood in the ledger, the attorney concluded that the company was at fault. The strategic gains were so great that he was unable to keep his property properly.

But it will be big. Strategic Gains is one of the few companies in the state of Los Angeles that came up with the same idea in the aftermath of the financial crisis. . Instead of protecting communities and making it easier for homeowners to build bad mortgages or repair their debts after a mortgage loan failure, the government has facilitated the transfer of wealth from people to private companies. By 2016, 95 percent of the Fannie Mae and Freddie Mac books were sold to Wall Street investors without significant terms and conditions, and private equity firms acquired more than 200,000 homes in the desired cities and middle-class neighborhoods. , Creating an attractive new asset class: A rental home for one family. When tenants repay a mortgage, the company saves money on rising home prices. When Ellingwood made strategic moves to buy his home in the winter of 2013, he was no longer interested in selling it. Ellingwood asked again a year later; The company did not respond.

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Over the next seven years, management will return the strategic advantage to Colony Capital, and the non – profit owners of Colony will merge with a series of companies, including the Blackstone Invitation Homes division, to make Invitation Homes the largest single-family-owned enterprise. United States. , Its height of 82,500 houses – and after Blackstone 79,505 houses sold its shares at the end of last year. Ellingwood, however, could not be incorporated into the various L.L.C. He hired to distinguish: Strategic Feature Management, American Colonial Homes, Starwood Waypoint, Invitation Homes. Office cities changed, staff reduced, rents increased and fines increased. Ellingwood had to send its rent in a variety of ways – online, approved email, cash check, private – with small rules, up to 1, up to 3. The companies have doubled on rigidity and leased more responsibilities – mold correction, landscaping, carbon monoxide detectors – to tenants, from four pages to 18 to 43 pages.

Ellingwood was unfamiliar with it at the time, but his story will be the story of millions of tenants across the country, the beginning of a period of decline in the finance industry’s latest plan to raise money from homes.

Wall Street’s latest fortune has increased by about $ 60 billion, representing hundreds of thousands of properties. In some communities, homeowners have fundamentally changed the way we now begin to understand, without returning home to a burning home. Daniel Emergluck, a professor of urban studies at Georgia State University, says: “It’s a big disadvantage. “During one of the largest land value returns in the history of the country, under the Crisis of 2010 and 2011, we have seen huge gains in property values, especially in the vicinity, which instead reached many homeowners with incomes. The value of the land has come from these big companies and their shareholders. “

Chad Ellingwood at his home in the Woodland Hills neighborhood of Los Angeles. After his house was taken over by a private company, he paid more rent than his first and second loan collections in a short period of time. Credit … Damon Casarez for the New York Times

A $60 Billion Housing Grab By Wall Street

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