Charity investigated after alleged flipping of foreclosures

Flipping homes is a popular practice in the US, particularly in the wake of the housing crisis, where foreclosures are available at low prices and able to be sold on quickly following at a significant profit.

Now, though, a charity has been investigated by the US Department of Housing and Urban Development Office of the Inspector General for allegedly flipping homes. The non-profit organisation based in California joined in the “First Look” programme in a range of cities, including Las Vegas, and, according to documents reviewed by Reuters.

The news agency reports that the charity flipped “a significant number” of homes to investors, generating “millions of dollars” for those financing the group’s activities.

“There is no indication that [the charity] violated any laws or regulations,” adds Reuters.