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Resource ID: #23711
Subject: Development
Source: Virginian-Pilot (Norfolk, Va.)
Date: 2007-03-18



This investigation exposed a development company that used vacant and neglected homes in low-income neighborhoods to make money by sellings them repeatedly at ever higher prices among a circle of investors, who took out larger loans each time. The company's stated goal of renovating the homes to rent them out was not accomplished.

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