2008_12_cashhouse.jpgThere's been talk of big apartment complexes, bought by private equity firms, being at risk for mortgage defaults, after the buildings' new owners had unrealistic expectations for rent increases. Now, the NY Times reports that Senator Charles Schumer wants to make sure certain buildings stay affordable given that 60,000 lower income residents may be affected. He also wants the SEC to investigate the loans, "The entire predatory equity enterprise is a house of cards built on a foundation of fantasy and greed. The whole thing collapses when there is any depreciation, or even a leveling, in the property’s value, which is the reality we now face. You would think these deals would’ve stopped a year ago, but they are still going forward."