The story of a house: how private equity swooped in after the subprime crisis

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The story of a house: how private equity swooped in after the subprime crisis

The story of a house: how private equity swooped in after the subprime crisis

Blackstone has bought thousands of properties that were caught up in the mortgage meltdown

FT-

For personal trainer Trevor Pace, the house at 418 Homeplace Drive in Stockbridge was more than just a mansion-style home with a fireplace in the bedroom and a jacuzzi en suite.

“It was everything we had dreamt,” says Mr Pace, who moved into the house in 2001 together with his wife, Colleen, and their two children. It was the first place they had called their own.

Yet five years later, a French bank bought a financial security that was, in effect, a bet that the Paces would default on their mortgage and be forced to leave their comfortable suburban home.

[FT]

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