Sunday, September 16, 2007

From Time Magazine, Monday, April 10, 1972

Although HUD is a sprawling agency difficult to control from the top, its local officials should have known their areas well enough to spot the inflated house values. Belatedly, HUD has worked with the Justice Department to initiate investigations. It has tightened regulations to provide better verification of values and buyers' credit.

The evidence for the New York indictments was presented to a grand jury by Anthony Accetta, 28, an Assistant U.S. Attorney who once lived on Manhattan's Lower East Side. He said angrily, "The low-income Italians I grew up with were the same kind of people as the Puerto Ricans and blacks being victimized here—hard-working individuals trying to get ahead. I don't see how anyone who is black or Puerto Rican could have faith in the system after being shaken down like this and then losing his house two months later."

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