Aaron Glantz warns of possible ‘replay’ of 2008 housing crisis in coronavirus financial downturn

Aaron Glantz, a senior reporter at Reveal, warned Wednesday that the U.S. could face a “replay” of the 2008 housing crisis during the financial downturn caused by the coronavirus pandemic.

Glantz said on Hill.TV’s “Rising” that the country could see Wall Street “kingpins” buy up millions of homes from families as what happened about 10 years ago. 

“We could very much be looking at a replay of that now,” he said, noting that 2.8 million Americans cannot make their mortgage payments and 12 million tenants cannot pay rent. 

Glantz told “Rising” that the tenants who can’t pay rent could greatly affect “mom and pop” landlords who may have trouble paying off bills if they aren’t receiving rent. 

“What we’re seeing now,” he added, is Wall Street figures who “really profited off of the Great Recession 10 years ago, building up billions of dollars in capital to swoop in and buy again in this renowned time of distress.”
 

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