The move will create hundreds of new jobs, the company says
Just two years after obtaining $15 million in seed capital, the young company is calling it quits
hey are known as the major culprits behind the precipitous collapse of investment banking firms Bear Stearns and Lehman Brothers in 2008.
Most industry watchers believe that the housing market finally turned the corner in 2012, stabilizing and beginning a sustainable recovery after a protracted, seemingly endless down cycle.
When the first flood of foreclosures swamped housing markets at the dawn of the Foreclosure Era in 2007, a new generation of investors saw the opportunity and discovered they could make much more money by holding and renting the properties they acquired than by flipping them. Rental income from tenants—often families displaced by the housing crisis—created the cash flows necessary to fund additional foreclosure purchases and the REO-to-rental business was born.