Monday, May 18, 2009
United Homes a giant scam
We’ve heard a lot of stories about predatory lenders and unscrupulous practices in the real estate business. But amid all these stories, one company stands out: it’s called United Homes. They’ve boasted they’ve sold thousands of homes in the poorest sections of New York City in the past 15 years. Huge numbers have gone into foreclosure, and now lawyers allege the company suckered people into buying defective homes for way more than they were worth. WNYC’s Ailsa Chang reports on the story of one victim who’s fighting back.