Stacked Decks by Robin Bartram

Author:Robin Bartram [Bartram, Robin]
Language: eng
Format: epub
Tags: SOC000000 SOCIAL SCIENCE / General, SOC026030 SOCIAL SCIENCE / Sociology / Urban, LAW047000 LAW / Housing & Urban Development, HIS036090 HISTORY / United States / State & Local / Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI)
Publisher: The University of Chicago Press
Published: 2022-08-19T00:00:00+00:00

I’m constantly running into mostly elderly people who are in owner-occupied buildings and they didn’t have the money to fix anything. Concurrent with that, ten years ago the situation was a banking industry that was loaning everybody money. So, it was remarkably easy for these people to get second mortgages. Unfortunately, that turned into a situation where a percentage of these people were being defrauded. Contractors would have them sign documents that would get the second mortgage for them. So, they had the social security number, everything. . . . The bank loan went through and they were bringing their paperwork back and these old folks were just signing away the whole building. The contractor wouldn’t do the work, he would foreclose on the contracts and take them and their building away. That happened a lot.

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