California Scheming

"HUD's Dollar Homes program, initiated in 1998, had a straightfoward mission: "Local governments would buy [foreclosed] homes for $1, fix them up and resell them at a discount to poor families." But in California, investors and housing contractors have been buying homes under the program and flipping them for a profit, reports the Los Angeles Times. "HUD officals said that because the Dollar Homes program was mandated by Congress, it does not receive the same type of attention and follow-up as programs created by HUD itself," according to the Times."