Number	20414
Subject	Housing
Source	Record (Hackensack, N.J.)
State	NJ
Year	2003
Publication Date	March 16, April 2, May 7
Summary	According to the author, "A five-month investigation by The Record exposed serious loopholes in local, state and federal housing regulations that thwart the U.S. Department of Housing and Urban Development's goal of neighborhood stabilization of the inner city. The stories document how lax regulations allowed a real estate partnership to buy more than 100 shoddy homes in New Jersey cities, make cosmetic repairs and sell them for 75 to 100 percent profit to first-time homebuyers with taxpayer backed mortgages. Due to this property-flipping scheme, many owners are forced to foreclose because of high repair costs. Because HUD guarantees the mortgages, the federal government ends up paying off the house."
Category	General
Pages	9
Keywords	federal housing;housing regulations;schemes;loopholes;state housing regulations;New Jersey;real estate;mortgages;taxpayers;federal government;HUD;Housing and Urban Development;cities;inner city
Related Links
Related Video
Contest Questionnaires	Only members can download contest entry questionnaires! Log in to get access.
Ordering info	Want to place an order? Email us or call us at 573-882-3364 (Stories are only available to members of IRE. For membership information, please refer to our membership page)