‘Big Short’ hero goes long mortgage start-up

cnbc:

PeerStreet’s mission is to open up a particular segment of the real estate market — residential, typically non-owner occupied — to a wider swath of investors, thus adding capital to the system and ultimately bringing down borrowing costs. More importantly, by tracking the data on every loan and providing greater insight on the lender and the property,
PeerStreet aims to insert accountability and transparency into a market that has historically been riddled with opaqueness. "What happened in the crisis is there was practically no underwriting — if something could be sold it would be made," Burry said in an interview. "It’s important for the next-generation alternative lending model that there be controls in place. There’s somebody at the door checking for excess credit risk."

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