Dec 17
It was well known inside HUD that a special program where nonprofit housing groups arranged downpayments for low-income homebuyers was bad news for the Federal Housing Administration mortgage insurance fund. Department of Housing and Urban Development officials tried to stop the seller-funded downpayment assistance program several times over the past decade – only to be blocked by the courts or supporters in Congress.
via bubbleinfo.com
[I never saw much of a difference between these programs and outright mortgage fraud i.e. fake down payments -- Tim]
