The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast. These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or email@example.com) where a researcher can help you pinpoint what you need. Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast.
These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or firstname.lastname@example.org) where a researcher can help you pinpoint what you need.
Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
Search results for "homeownership" ...
"In 2007, the housing market was in turmoil. People were losing their homes. Many blamed the homeowners." The authors wanted to see "what role lenders played nto putting unsuspecting homeowners into precarious loans that they could not afford." They found that "not only were lender partially to blame, but there were wide disparities in the race" of who was most affected.
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."
Tags: 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
The Times reports on questionable approaches used by First Alliance, a national home-equity lender. The story looks at the complaints of hundreds of consumers that the "company has used a deceptive sales pitch, delivered by loan officers recruited from big auto dealerships, to lure homeowners into high-cost loans that expose them to the threat of foreclosure and financial ruin."
The Wall Street Journal reports on the critics of Fannie Mae, who say it has "converted its business-buying, packaging and reselling home loans- into a political currency that can be as potent as campaign contributions." In addition, critics question the mortgage company's "privileged, quasiofficial status" saying it gives them unfair advantages. Fannie Mae refutes the argument saying they have "convinced policy makers that the benefits from its rapid expansion-wider home ownership-outweigh any downside." Now legislators have begun to take sides. Kulish and Schlesinger report on this year long debate.
Banks and mortgage companies still do relatively little business among minorities and in minority neighborhoods. That applies to even the biggest banks, which under law must serve the entire area where they take deposits. Lenders still reject minority mortgage applicants far more frequently than whites. Even high income minorities are rejected more frequently than whites with lower incomes. These patterns don't prove illegal discrimination. But taken with interviews with dozens of loan applicants, bankers, community activists, regulators and researchers, they show that barriers to minority homeownership still stand.
Saginaw (Mich.) News uncovers a fake lottery where city officials used tax dollars to create a one-time-only subsidy for homeownership, with the son of the assistant city manager as the beneficiary, March 10, 1991.