More On Metro Dream Homes

(original post 9-23-07)
Another story came out in The Washington Post on the POS Metro Dream Homes investment program that promised to pay the mortgages of its approximately 900 participants and operates in Maryland, Washington, D.C., and Virginia (and reportedly in some other states). According to the story:

• Some Dream Homes members are still willing to sign their names to sworn affidavits and to appear en masse at a courthouse to defend their participation. They're not victims, they say.

[...]

• According to members who have contacted [Washington Post columnist Elizabeth Razzi], Dream Homes is not making participants' mortgage payments for September and October. For participants who have three or four or even five properties in the program, that's a whole lot of dough they will have to pay this month to remain current on their debt.

The position of Metropolitan Grapevine, the parent organization, is that participants shouldn't expect the payments to be on time, the way a landlord does. For more, see Neighbors Bear Dream Homes' Risk.

For story update, see Federal Court Denies "Dream Homes" Request To Lift Cease & Desist Order (10-2-07).

Go here for other posts on Metropolitan Grapevine / Metro Dream Homes.