California approved $300 million in state-backed home loans. Who got the money?
California lawmakers marketed its new loan program for first-time home buyers as a “Dream For All.”
But just 11 days after applications opened, the initial pot of money is tapped out, sucked dry by eager house hunters. It turns out the dream was only for a lucky couple thousand borrowers — a disproportionate number of them white, non-Latino and living in the Sacramento area.