In a segment on MSNBC in regard to the emerging REO-to-rental securitization market, two interesting things happened.

The first is that it's official: Blackstone Group (BX) is now the largest landlord in America, via Invitation Homes.

And they'll have you believe they are very good at it as 70% of their tenants renew their leases, according to the video below.

The second interesting thing, which Rep. Mark Takano (D-Calif.) totally disagrees, comes at 3:19 where, in a statement, Blackstone claims, "there is no such thing as a rental bond."

"This is a securitization of assets themselves (in this case 3,500 homes)," the statement continues.

"The same practice is commonly used to finance assets of all types," they add.

Takano is emerging as a top critic of Blackstone's activity in his state, especially in his demands for greater due diligence from regulators.

"I'm not calling for a ban of this new instrument…" he says at 4:52. "I just think it behooves us to understand these securities."