HOUSING - Huffington Post Investigative Fund

GOOD READ: Crooked Mortgage Firm Falls Through Regulatory Cracks in Texas

Kevin Liptak — Fri, 02 Jul 2010 12:24:27 +0000

Despite government sanctions from 18 states, Allied Home Mortgage Capital continues to operate and thrive in Texas. The company has the highest delinquency rate among top Federal Housing Administration loan originators, and its offices have been censured for employing brokers without licenses. Some homeowners are suing the company, saying it misrepresented their incomes in the lending process.

Story by: Charles Ornstein and Tracy Weber Read more »

GOOD READ: Fannie and Freddie Bring Green-Energy Plan to a Halt

Kevin Liptak — Thu, 24 Jun 2010 12:32:02 +0000

Twenty-two states have adopted the Property Assessed Clean Energy (PACE) program, a system making it easier for homeowners to pay for energy-efficient renovations. Last month, mortgage-finance companies Fannie Mae and Freddie Mac put a stop to the progress when they sent a letter to lenders warning them to avoid PACE programs. The move has destroyed consumer confidence and is stopping programs in states that don't already have them. Read more »

GOOD READ: Fannie and Freddie (and Taxpayers) Spending Billions to Sell Foreclosed Houses

Kevin Liptak — Tue, 22 Jun 2010 12:22:28 +0000

When the government seized Fannie Mae and Freddie Mac in 2008, few realized the skyrocketing amounts the mortgage finance companies would cost American taxpayers. As foreclosures rose, Fannie and Freddie became responsible for maintaining and selling over 160,000 homes. The expense of selling a foreclosed home averages around $10,000. The monthly lawn maintenance for Fannie and Freddie-owned homes is more than $10 million.

Story by: Binyamin Appelbaum Read more »

GOOD READ: Tax Break Helps Affluent Homeowners, but Costs Government Billions

Kevin Liptak — Mon, 21 Jun 2010 11:56:23 +0000

An examination of congressional records reveals the mortgage interest tax deduction is costing the government billions of dollars annually, even as it mostly serves people who could afford to pay the extra amount. For people owning lower-cost homes, the deduction isn't enough to make a difference on their taxes, and they utilize a standard deduction instead. Read more »

MUST WATCH: South Africans Pushed Aside for World Cup

Kevin Liptak — Wed, 09 Jun 2010 12:19:23 +0000

Despite Johannesburg officials' claim to not be transplanting residents for the World Cup, allegations of evictions are surfacing in the final days before kickoff. A compelling video from South Africa investigates those claims.

FROM THE CENTER FOR INVESTIGATIVE REPORTING Read more »

GOOD READ: Low-Income Housing Is Far From Affordable

Kevin Liptak — Wed, 02 Jun 2010 20:39:46 +0000

When Texas gave American Opportunity for Housing Inc. a tax exemption in exchange for creating affordable housing, they expected the units to be priced at levels within reach of low-income families. Read more »

Follow Up: FHA Blames Woes on Home Loans From Nonprofits

Mon, 16 Nov 2009 21:20:15 +0000

News that the Federal Housing Administration’s capital reserves have dipped to $3.6 billion generated a spate of alarming headlines last week. But few focused on one aspect of the problem: the role nonprofits played in generating at least $1 billion in losses for the FHA insurance fund. Read more »

Home Loans Brokered by Nonprofits Helped Fuel the Housing Crisis

Jeff Horwitz — Thu, 01 Oct 2009 14:22:52 +0000

Billions of Dollars in Defaults on No-Money-Down Mortgages Weigh on FHA's Books

Before the housing boom got underway in the late 1990s, a California nonprofit group hatched an idea to help families who qualified for government-backed mortgages but still couldn’t raise the down payment. Read more »