PUERTO RICO CAN'T AFFORD ANOTHER CRISIS, IT NEEDS A MORATORIUM ON ALL FORECLOSURES

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PUERTO RICO CAN’T AFFORD ANOTHER CRISIS, IT NEEDS A MORATORIUM ON ALL FORECLOSURES

PUERTO RICO CAN’T AFFORD ANOTHER CRISIS, IT NEEDS A MORATORIUM ON ALL FORECLOSURES

NewsWeek-

Two days after Hurricane María passed through Puerto Rico, I was able to get in a car and begin what would be the daily task for the next couple of weeks of looking for water and gas. As I stepped outside, I realized that this would not be as with other hurricanes that I had experienced in my childhood. Puerto Rico was destroyed, trees had been stripped out of all their leaves, 100-feet-tall cement poles laying on the ground almost pulverized. It looked like a scene taken out from a movie, and a scary one at that.

Despite this devastating scenario, private equity and other Wall Street companies behind home mortgages continued with their business—filing foreclosures proceedings in Puerto Rican courts to make a profit.

Just last month, Hedge Clippers, a watchdog group I am part of, released an alarming report identifying TPG Capital and its subsidiary Rushmore as the most aggressive company foreclosing families on Puerto Rico. Following the third month anniversary of the devastation left by the tempest, the “Report No. 53: Private Equity and Puerto Rico” was released on December 20, to coincide with protests in several cities calling for an end to all foreclosures on the island.

[NEWSWEEK]

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