Nonprofit Quarterly, May 5, 2016: Contract for Deed: A New Wall Street Housing Scam Aimed at Low Income Communities
“In the wake of the Great Recession, NPQ reported on Wall Street financial corporations buying up foreclosed houses and turning them into single-family rentals. Now, the New York Times reports that a new crop of Wall Street financiers are repackaging formerly foreclosed houses and offering to sell them on land contracts aimed toward low-income families who cannot obtain a conventional mortgage.”