City lies to Investors
Things have been looking ugly for investors lately, with it becoming increasingly difficult to successfully pay off mortgage debt.
According to the Miami Herald:
Harriet and Paul Fass, both 65 and hoping to soon retire, aren’t rich.
Even so, the Wilton Manors couple cobbled together $100,000 to invest in the financing of a private housing development in Florida City, in the midst of the region’s real estate boom.
It was a risky business venture, somewhat cushioned by a supposed security blanket of promised government intervention: A Florida City public official had guaranteed, in writing, to bail out the project if it stumbled.
”It sounded safer than the stock market,” Harriet Fass said of the real estate deal.
Now the Fasses, and some four dozen other investors, are facing the prospect of losing hundreds of thousands of dollars. Some families’ entire life savings could be wiped out.
Apparently the city has backed out leaving these would be investors with a large loss.
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