Foreclosed home sales in US to come under closer scrutiny
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LAWMAKERS are pressing the nation's housing regulator over the sale of thousands of foreclosed houses to investment firms that have pitched the promise of homeownership to people unable to get a traditional mortgage.
Some local authorities and regulators are taking legal action against several of these firms, accusing them of engaging in predatory business practices by reselling these often run-down houses "as is" through rent-to-own and other seller-financed transactions, sometimes known as contracts for deed.
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