September 15, 2016
Speakers: Odette Williamson, 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.
In this webinar, we discussed NCLCs recent report documenting this trend, Toxic Transactions, highlight possible defenses to these predatory contracts, and give the framework for a proposed regulation that would stop the abuses of this shadow housing market that is draining equity from communities of color.
*Note: Due to technical difficulties this recording is delayed. Video begins about 5-10 minutes into the first part of the presentation.