CBS Evening News for Wednesday, Jun 21, 1972
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(Studio) House Committee on Governor Operations denounce Administration of Detroit, El housing project.
REPORTER: John Hart
(Detroit, Michigan) Profiteering, incompetence, corruption strike housing developments in many cities. [Sallie FORDHAN - welfare mother, describes house she bought and all its deficiencies.] Montgomery Real Estate Company, speculator which bought the house for $9,000, sold it to Mrs. Fordhan for $3,500 more on same day. Government says it would take $9,800 to repair house which is not feasible, so house will be repossessed; mortgage company will he paid off in full. Two years ago, Federal Housing Administration appraiser found nothing wrong with the house. Records show that the house was never inspected by city. Capitol Mortgage Company could not fail to make profit as Federal Housing Administration has to make loan good. Federal Housing Administration holdings cited. It owns quarter million vacant homes, or $2.5 billion in lapsed mortgages the American taxpayer must make good. [Housing Secretary George ROMNEY - admits failure of Federal Housing Administration program.]
REPORTER: Joel Blocker
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