Housing
Subprime crisis looming in Pennsylvania
The latest report on subprime lending woes comes from The Morning Call in Allentown, Pa. Reporters Tim Darragh and Matt Birkbeck predict that the worst is yet to come in the region. With their home prices pumped up to record levels, Lehigh and Northampton counties ranked first and second among Pennsylvania’s 67 counties for growth…
Read MoreEquity stripping preys on desperate homeowners
With the housing market on the decline and foreclosures on the rise, a scheme known as equity stripping is taking advantage of vulnerable homeowners, The New York Times’ Gretchen Morgenson and Vikas Bijaj report. Companies offer relief to those behind in their mortgage by offering “cash upfront, free monthly rent and a chance to retain…
Read MoreSecret Shelters
Fred Kelly reports on a two-week investigation by The Charlotte Observer which uncovered an “underground network” of shelters and safe houses, many run by religious ministries, which have sprung up as official shelters face issues of overcrowding. Exact numbers on how many of these make-shift shelters exist are unknown, but The Observer located 17 in…
Read MoreMiami’s city housing program riddled with problems
After a year of exposing corruption and breakdowns in the Miami-Dade County housing agency, The Miami Herald‘s Debbie Cenziper, Larry Lebowitz and Oscar Corral reveal similar problems in the city of Miami’s housing programs, including millions of dollars loaned to developers who never produced the projects they promised — and never returned the money.
Read MoreForeclosure rescue firm preys on those it claims to help
An investigation by Mc Nelly Torres and Jon Burstein of the South Florida Sun-Sentinel revealed that Florida Housing Council, a foreclosure rescue firm, was defrauding the very people it claimed to aid. Interviews with 11 homeowners, in addition to the review of seven lawsuits and hundreds of property records, uncovered a pattern of deception and…
Read MoreArizona developer’s checkered past
Mark Flatten of the East Valley Tribune in Phoenix completed a series on Jim Rhodes who has become in the most influential developer in Arizona’s East Valley. In December of 2006, he purchased over 1,000 acres of state trust land. The $58.6 million purchase gave him the right to “master-plan 7,700 acres in the area…
Read MoreDespite fire safety issues, apartment complex remained open
Sarah Okeson and John McCarthy of Florida Today (Brevard County, Fla.) report on Manor House, an apartment complex in Florida that did not have an adequate fire alarm system for two years. The county slapped it with the largest fine ever for a code enforcement violation. However, the complex was able to stay open because…
Read MoreForeclosing the American Dream
An ongoing series by Jeff Roberts, David Olinger, Greg Griffin and Aldo Svaldi of The Denver Post “examines why the state’s foreclosure rate leads the nation and how it is affecting Coloradans, their communities and the economy.” A computer-assisted analysis revealed a problems in neighborhoods where builders acted as lenders.
Read MoreMillions squandered by Miami-Dade Housing Agency
In another installment to The Miami Herald’s “House of Lies” investigative series, reporter Debbie Cenziper exposes the actions of the former director of the Miami-Dade Housing Agency, which squandered millions of dollars over the past five years in insider deals, mismanagement and corruption. In a follow-up story, Cenziper and reporter Scott Hiaasen report on a…
Read MoreSubprime loans cripple minority homeowners
Vikas Bajaj and Ron Nixon of The New York Times looked at the impact of subprime loans on minority homeownership over the past six years. The very loans that allowed for the purchase of a home are now crippling buyers’ finances as interest rates inflate, leading to an increase in delinquencies and foreclosures. “Industry officials…
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