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FHA Freezes LA Foreclosures

LOS ANGELES-Agency postpones foreclosures in two hot zones, saying many buyers of apartments and houses were ripped-off by unscrupulous brokers and lenders.

By David W. Myers | Updated on September 25, 2000

LOS ANGELES-The Federal government today put a 90-day freeze on foreclosures of thousand of LA-area Federal Housing Administration home and apartment loans, saying too many of the defaulted borrowers were conned into taking the mortgages by unscrupulous brokers and banks.

Officials from FHA also say they will send a special team of about 60 agents to the city to ensure that lenders and mortgage brokers who make the federally backed loans are following legal guidelines.

The FHA says most of the troubled loans are in two areas it describes as “hot zones.” The first runs along the Harbor Freeway, between the Hollywood Freeway and Gardena Freeway. The second covers a relatively small portion of Long Beach.

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