Do homes for $1 sound too good to be true? An LA Times investigation found that the federal program aimed at turning foreclosed homes into affordable housing has resulted in low income families becoming buried in debt, homes being flipped for exorbitant profits and, worse yet, more foreclosures. Now the federal government is talking about doing something very similar with the latest round of stimulus spending. You can read about it here.
One quick comment: HUD is hiring some very competent people. Shaun Donovan, Raphael Bostic and David Stevens are all very good.