12/15/2005

Loans to Homeowners Along Gulf Coast Lag

"Loans to Homeowners Along Gulf Coast Lag

Hundreds of thousands of Gulf Coast families, hoping to rebuild their homes after the hurricanes using low-interest government loans, are facing high rejection rates and widespread delays at the federal agency that administers the disaster loan program.

In fact, the loans that have been approved appear to be flowing to wealthy neighborhoods in New Orleans but not to poor ones, according to a list of loans released by the government and mapped by The New York Times."

1 comment:

Gary said...

Not surprised, I recently lived in a house remodeled with FEMA/SBA loans and the paperwork and agencies were terribly slow.