According to FDIC and many more recorded history findings, this housing crisis occurs every 2o years. In turn, the fraud and scams are nothing new.

The sale of the buildings to RBSCC was part of the US Department of Housing and Urban Development’s plan to fix the damage from a decade-old scam that left more than 500 buildings abandoned in New York City alone.

In the late 1990s, unscrupulous speculators scooped up distressed buildings in poor neighborhoods and flipped them to fly-by-night not-for-profits who took out mortgages from HUD to buy and fix the properties.

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