Across the country, the company has acquired more than 1,800 foreclosed homes, or REO-"real-estate owned"-purchased as is from mortgage servicers, using cash pooled from small investors.\n A retired hospital worker, Cooper used to live in the Ida B. Wells and Cabrini-Green housing projects, which have given way to new private development. Cooper and her son will have to make whatever repairs are necessary. Because servicers don't have to prove that properties sold at foreclosure auctions comply with building codes, Cooper has no idea what's in store.
There Goes the Neighborhood Alyssa Katz The American Prospect; Sep 2009; 20, 7; Docstoc pg. 21 Reproduced with permissi
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