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Builder Profits Revealed in FHA Probe Win $4.5M Loan for $1K
Capehart told the Senate banking committee that a New York builder obtained a 4.5 million FHA insured loan while contributing only 1,000 in cash, earning an estimated 624,000 profit after costs. Other investors reportedly cashed in on a 4.226 million project. Bank officials defended reliance on FHA guarantees and called for tighter controls without ending federal housing aid.
MENTIONED IN THIS ARTICLE
Washington
Sen
Capehart
R.-Ind
New York
Senate Banking Committee
Federal Housing Administration
Another Building Corporation
Capchart
Farry Held
Bowery Savings Bank of
New York City
FHA