TITLE: Predatory Lending, Special Hearing

CIS-NO: 2003-S181-24  
SOURCE: Committee on Appropriations. Senate  
DOC-TYPE: Hearing Retrieve the full text of testimony  
DOC-NO: S. Hrg. 107-856  
DATE: May 14, 2001  
LENGTH: v+62 p.  
CONG-SESS: 107-1  
ITEM-NO: 1033; 1033-A  
SUDOC: Y4.AP6/2:S.HRG.107-856  
 
GPO-STOCK-NO: 552-070-29686-7.

SUMMARY:
Joint hearing in Baltimore, Md., before the Subcom on VA, HUD, and Independent Agencies Appropriations and the Senate Banking, Housing, and Urban Affairs Committee, to examine a type of mortgage fraud known as property "flipping," focusing on issues and problems related to prevalence of property flipping in Baltimore and HUD efforts to detect and prevent property flipping fraud.
 
Property flipping involves the purchase of dilapidated homes at bargain prices, usually in economically distressed urban areas. After minor cosmetic repairs, these properties are resold at large markup to unsuspecting homebuyers.

CONTENT-NOTATION: Mortgage fraud in Baltimore, Md, and HUD oversight activities, review

DESCRIPTORS:  
   SUBCOM ON VA, HUD, AND INDEPENDENT AGENCIES APPROPRIATIONS. SENATE;  BALTIMORE, MD.; DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; FRAUD; HOUSING REGULATION; MORTGAGES; REAL ESTATE BUSINESS; URBAN AREAS

03-S181-24 TESTIMONY NO: 1     May 14, 2001 p. 5-8
 
WITNESSES (and witness notations):
   O'MALLEY, MARTIN (Mayor, Baltimore, Md)
 
STATEMENT:
   Explanation of property flipping problem in Baltimore.
 
CONTENT NOTATION:
   Mortgage fraud in Baltimore, Md, and HUD oversight activities, review
 
 
03-S181-24 TESTIMONY NO: 2     May 14, 2001 p. 8-34
 
WITNESSES (and witness notations):
   SMITH, HARRY
   ADAMS, CHASSIE (both victims of property flipping schemes)
   QUAYLE, VINCENT (representing St. Ambrose Housing Aid Center)
   STRONG, KENNETH J. (Director, Research and Policy, Community Law Center, Baltimore, Md)
 
STATEMENTS AND DISCUSSION:
   Personal experiences of property flipping scheme victims; negative effects of predatory and abusive lending practices on Baltimore neighborhoods; views on HUD programs to detect and prevent predatory lending practices, including flipping problem in Baltimore.
 
CONTENT NOTATION:
   Mortgage fraud in Baltimore, Md, and HUD oversight activities, review
 
 
03-S181-24 TESTIMONY NO: 3     May, 14, 2001 p. 34-62
 
WITNESSES (and witness notations):
   GRAZIANO, PAUL T. (Commissioner, Baltimore Department of Housing and Community Development)
   MAGGIANO, LAURIE (Director, Asset Management and Disposition, Single Family Division, HUD)
   SCHENNING, STEPHEN M. (Acting U.S. Attorney, District of Maryland)
 
STATEMENTS AND DISCUSSION:
   Overview of property flipping problem in Baltimore; review of HUD mortgage fraud detection efforts, with recommendations for improvement; examination of HUD efforts to address abusive mortgage practices, focusing on efforts to prevent property flipping in Baltimore; issues related to HUD monitoring procedures to detect property flipping fraud.
 
CONTENT NOTATION:
   Mortgage fraud in Baltimore, Md, and HUD oversight activities, review

LOAD-DATE: July 30, 2003