HomeVestors of America, the company behind the infamous "We Buy Ugly Houses" campaign, announced that hundreds of real estate professionals converged on Washington, D.C., today to protest what they deem a "federal bailout of the housing industry."
"There is no doubt that the housing industry is in a crisis situation, but the problem will not be solved by throwing taxpayer money at the situation and putting more restrictions and regulations on those of us who are helping people out of their ugly situations," said John Hayes, president and CEO for HomeVestors, in a statement.
The HomeVestors franchise network has purchased about 35,000 homes nationwide.
Some investors have complained that lenders have severely restricted their ability to get financing to buy investment properties. Meanwhile, some cash-rich investors may thrive in troubled real estate markets even during this credit crunch by gobbling up cheap foreclosure properties in all-cash transactions and assembling a stock of homes to sell off as the market rebounds and prices recover.
HomeVestors says in its announcement that investors can assist in a down market through their efforts to "rehabilitate older neighborhoods, to provide affordable housing, to assist first-time homebuyers," among other aims.
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