The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: X Y Zebra who wrote (21312)	6/4/2004 9:10:59 AM
From: GraceZ	Read Replies (2) of 306849

I seem to recall that FHA was involved since the properties were sold to first time low income buyers. FHA has very convoluted rules these days since it has been much abused as are most government home buying assistance programs. newsday.com The problem is especially acute in New York, Baltimore, Chicago and Los Angeles, according to Susan Gaffney, inspector general of the Department of Housing and Urban Development. Three years ago, Gaffney told a Senate subcommittee that "massive property-flipping schemes involving Federal Housing Administration-insured mortgages continue to be uncovered." Billions of dollars have been lost through these frauds, with $275 million in losses discovered during a six-month period in 2002, according to a HUD report. The agency is now closely monitoring the program as it tries to crack down on cheaters.

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