Monday, September 17, 2012

Reverse Robin Hood

"Waypoint Real Estate Group LLC, a major investor in U.S. foreclosed homes, has secured a $65 million loan from Citigroup Inc. C -1.32% to help add to its portfolio of properties, according to people familiar with the matter.

Bankers and investors said the debt-financing deal is a milestone for the burgeoning business of renting out houses that were previously in foreclosure.

Waypoint, an Oakland, Calif., investment firm, is working with Citigroup on a bigger, longer-term financing deal that is expected to close in the coming weeks, the people said."

Reverse Robin Hood, take from the middle American and give to the rich investor------and get big banks help in the process.

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