Nearly eight years after the start of the global financial crisis, hedge funds and private equity firms have found yet another way to make big profits: distressed housing assets. Often, the very same corporate actors that precipitated the housing crash in the first place are buying and selling off delinquent mortgages and vacant houses that are a product of the crash.

Together, these Wall Street entities have raised over $20 billion to buy the notes for as many as 200,000 homes in the United States. The newly consolidated single-family rental market is a lucrative business. A 2014 study estimated that the four largest holders of these assets have seen as much as a 23 percent rate of return on the properties they purchased in the last three years.

Meanwhile, low-income communities of color across the country have suffered. Millions of Americans lost all the equity in their homes or experienced the hardship of foreclosure during the housing crisis and have not recovered from losing their greatest source of wealth.

This new report, co-authored by CPD and the ACCE Institute, reviews the track record of the HUD and FHFA single-family loan sale programs. It explores the troubling record of four of the top buyers of the loans, corporations who are benefitting from the way the loan sales are currently conducted.

Read the report here