Minorities hurt by investor flipping

fast resale scam targets minorities

House flippers are being targeted by government officials. In a recent Syracuse NY case, a developer interested a client in the house, bought it himself for $44,000, and resold it hours later to the minority client for $85,000, according to the Fair Housing Council of Central New York.

New rules have been imposed on banks and other HUD-backed mortgage lenders. For instance, a house cannot be bought and sold with HUD loans within 90 days. New York officials want to do more: This week, a legislative hearing will focus on house flipping and Internet real estate sales

House flipping' said to cheat minorities [Boston Globe]

Post a Comment