City Road Podcast

This is a story about how the financial industry and governments turned a housing foreclosure crisis for everyday Americans into a financial opportunity for institutional real estate investors. And like all good stories, it involves the management of the new post-GFC housing asset class with digital technologies and algorithms. Say hello to The Automated Landlord. We talk to Desiree Fields about a new housing asset class that emerged from other side of the GFC in the United States. The period leading up to the GFC saw the banks reducing their lending standards for home loans in the United States. The financial industry bundled up these loans into mortgages backed securities and sold them off to investors around the world. And in a now familiar tale, this eventually lead to the subprime mortgage crisis and the GFC. When people could no longer afford to pay their mortgages, a lot of these properties wound their way through the process of foreclosure and finally settled on the balance sheets of the banks. The