GateHouse Media poised to buy Gannett

[ramus]

This is what we need.... consolidation of the leftist Media ....

.... MORE LIES MORE OF THE TIME .....

.... NEW MAIN STREAM MANTRA ...

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GateHouse Media poised to buy Gannett

By Josh Kosman and Keith J. Kelly

July 18, 2019 | 4:39pm

https://nypost.com/2019/07/18/gatehouse-media-poised-to-buy-gannett/


Fairport, NY-based GateHouse — which owns nearly 700 papers across 39 states, including 156 dailies like the Columbus Dispatch in Ohio — is owned by Fortress Investment Group, a hedge fund controlled by business tycoon Wesley Edens.

Helping to spur the deal is that Gannett and New Media have shared institutional investors, including the top three. Private equity firm Blackrock holds a 14.64-percent stake in each company. Vanguard Group holds 11.64 percent of Gannett and 10.09 of New Media; while Dimensional Fund Advisors holds 8.23 percent of Gannett and 7.33 percent of New Medi

[ramus]

Bucks owner Wesley Edens deemed 'the new king of subprime lending'

https://urbanmilwaukee.com/2016/07/27/murphys-law-the-king-of-subprime-lending/



Murphy’s Law
The King of Subprime Lending

How Bucks owner Wes Edens makes millions off troubled homeowners.

By Bruce Murphy - Jul 27th, 2016 10:16 am


“
It was back in August 2015 that the Wall Street Journal dubbed Wesley Edens the “new king of subprime lending.” In response, Edens said, “It’s not how I want my epitaph to read, but it’s not a shameful thing helping people finance themselves.”

Yes and no. For some homeowners, it has probably has been a good thing. But for many, as a recent investigation by the New York Times has documented, the takeover of much of the housing market by hedge fund investors like Edens has led to quick foreclosures, lost paperwork and all kinds of new fees.

After the housing crisis of 2008, when the banking system failed homeowners across the nation, “new investors soon swept in — mainly private equity firms,” the story notes. One of these was Nationstar, owned by Edens‘ Fortress Investments. “Since 2012, Nationstar has bought the rights to collect payments on more than $450 billion in mortgages, much of it from Bank of America,” the Times reported.

By buying up foreclosed homes and other low-priced, troubled assets, Edens magically turned $124 million into $3 billion, as the Wall Street Journal estimated.

One way Edens makes money is by keeping costs down. Government regulators did what was supposed to be a routine examination of Nationstar at the company’s headquarters on the outskirts of Dallas, but found all kinds of problems. That includes “inaccurate information” in customer loan files, and the fact that the company often failed to detect these errors until the foreclosure process was underway. “Some of the breakdowns, the documents said, ‘placed consumers at significant risk of servicing and foreclosure abuses.’”

“Regulators laid the blame on Nationstar, citing deficient technology and a failure to employ enough trained workers as it rapidly expanded to become the nation’s fourth-largest mortgage bill collector,” the Times noted.