Report Highlights Concerns Over Millionaire Mortgages in USDA Loan Programs

A report by RealClearInvestigations discusses the Department of Agriculture's Section 502 loan programs, which are intended to help low-income families buy homes, raising concerns about potential "millionaire mortgages."

22 Aug, 20:20 — 22 Aug, 20:20

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zerohedgeLow11d ago

Waste Of The Day: Millionaire Mortgages

Waste Of The Day: Millionaire Mortgages Authored by Jeremy Portnoy via RealClearInvestigations, The Department of Agriculture's Section 502 loan programs help low-income families buy homes with mortgages that don't require a down payment. But in 2013, an investigation by Reuters found dozens of millionaires took advantage to purchase vacation and rental homes. Though the millionaires later repaid their loans, the program as a whole covered $500 million in losses from defaults...

By Tyler Durden

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Report Highlights Concerns Over Millionaire Mortgages in USDA Loan Programs

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Waste Of The Day: Millionaire Mortgages

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