(left), National Consumer Law Center and Sarah Bolling Mancini
, National Consumer Law Center
Land installment contracts, also known as "contracts for deed," have long been a poor replacement for mortgage loans in credit-starved communities. In these transactions, the purchaser is required to take on all the obligations of homeownership, while making monthly payments to the seller, but can be evicted like a tenant for missing a single payment. Now, Wall Street-backed investors are using these transactions to turn a profit off the glut of foreclosed homes around the country.
*Note: Due to technical difficulties this recording is delayed. Video begins about 5-10 minutes into the first part of the presentation.