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Waste Of The Day: Millionaire Mortgages
Waste Of The Day: Millionaire Mortgages
Authored by Jeremy Portnoy via RealClearInvestigations,
The Department of Agriculture's Section 502 loan programs help low-income families buy homes with mortgages that don't require a down payment. But in 2013, an investigation by Reuters found dozens of millionaires took advantage to purchase vacation and rental homes.
Though the millionaires later repaid their loans, the program as a whole covered $500 million in losses from defaults in 2013, or $715 million in today's money.
That's according to the "Wastebook" reporting published by the late U.S. Senator Dr. Tom...
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Tungsten, used in missiles, tank rounds, armor-piercing ammunition, and some smaller-caliber munitions, has surged in price over the last year as China curbed exports and global supplies tightened.
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