Wall Street Loots Federal Loans Meant for Affordable Housing

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Wall Street Loots Federal Loans Meant for Affordable Housing

//business-finance.news-articles.net/content/202 .. -federal-loans-meant-for-affordable-housing.html

Published in Business and Finance on Wednesday, March 5th 2025 at 17:02 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

When a private equity giant bought California-based grocery chain Cardenas Markets in 2022, grocery workers like Maria Vargas saw their hours slashed. "I can't cover my expenses anymore," said Vargas,

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The article from MSN discusses how Wall Street firms are exploiting federal loan programs intended to support affordable housing. These programs, managed by entities like Fannie Mae and Freddie Mac, offer low-cost financing to developers to build or preserve affordable housing units. However, instead of using these loans for their intended purpose, some developers and investors are using the funds to finance luxury housing projects or to refinance existing debts, thereby extracting profits while not contributing to the affordable housing stock. This practice not only undermines the goal of increasing affordable housing but also diverts public resources meant for low-income communities into private gains. The article highlights the lack of stringent oversight and enforcement, allowing these financial maneuvers to continue, which exacerbates the housing crisis by reducing the availability of affordable homes for those in need.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/economy/wall-street-loots-federal-loans-meant-for-affordable-housing/ar-AA1AjKdX ]