Impact University: Mortgage

Banking Reform

Market for Fixer-Uppers Traps Low-Income Buyers >

Goldstein, M. and Stevenson, A. (2016-02-20, The New York Times): The mortgage industry has seen a rise in a new type of long-term loan, called a contract for deed, in which investors make deals with low-income home buyers unable to get traditional mortgages. But for buyers lured by the dream of homeownership, these seller-financed transactions can become a money trap that ends with a quick eviction by the seller, who can flip the home again.

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