Winning!After Complaints, Fannie Mae Will Stop Selling Homes to Vision Property – The New York Times

“One of the biggest firms in the rent-to-own home business is now on the federal government’s do-not-sell list. Fannie Mae, the government-controlled mortgage finance giant, said on Tuesday that it had stopped selling properties to the firm, Vision Property Management, after conducting a review of the firm’s rent-to-own program, which operates in more than a dozen states. The mortgage finance …

Our meeting gets press in Detroit!

Activists hope to mobilize victims of predatory housing deals “This group has already canvassed neighborhoods in Pittsburgh, Akron and Youngstown, talking to people who bought homes on land contracts. They found lots of folks who had no idea they’d signed deals with predatory terms that make it difficult to ever actually own the house. “The background for most of our …

How to cash in on a crappy home. Step one: Find a sucker to sign a land contract.

“These have been around for such a long time. We were foolish to think the practice had ended,” said Mike Gallagher, a retiree who was part of a well-known Chicago activist group that fought against contract buying in the 1960s. Our campaign’s very own Mike Gallagher was interviewed by the Bridge Magazine! Read the rest of the article here: http://www.bridgemi.com/detroit-journalism-cooperative/how-cash-crappy-home-step-one-find-sucker-sign-land-contract

Group to bid on large swath of Detroit properties

Prentice and his Home Team colleagues contend they have a plan to solve one of Detroit’s biggest problems: stopping the hemorrhaging of home foreclosures from unpaid property taxes. The group wants the right to buy thousands of northwest properties before they end up in the tax auction, which it will then work to fix up while offering paths for tenants …

Koehler passes measure protecting renters

The new legislation would seek to address that lack of understanding by creating the Installment Sales Contract Act. Among the new protections is a requirement that a payment schedule is to be given to the buyer prior to closing, a prohibition on prepayment penalties and a requirement for a written contract with information about ballooning payments. Source: href=”http://www.senatordavekoehler.com/news/28-press-releases/156-koehler-passes-measure-protecting-renters”>Koehler passes measure …