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Publication

Property "Flipping": HUD's Failure to Curb Mortgage Fraud

Senate Committee on Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Minority Staff of the Permanent Subcommittee on Investigations of the Senate Committee on Governmental Affairs conducted an investigation into the practice of "flipping" homes shortly after buying them, often without improving them, to create the illusion of a robust real estate market. The Subcommittee interviewed over 100 witnesses as well as government officials, real estate brokers, lenders, and attorneys involved in these cases. The report found that the problem of home flipping is national one and that flipping threatens first-time home buyers and affects the overall stability of housing cost in a neighborhood.
Date
2001-09-25
Document Type
Senate Minority Staff Report
Serial Number
107-44.Sprt
Document Length
62 pages
Congress
107
Relation
DOI
Keywords
Staff Reports
PAP Major Code
14: Community Development and Housing Issues
PAP Minor Code
1410: Secondary Mortgage Market and Government Sponsored Housing Entities
Related Hearings
Press Releases and Contextual Information