An ambitious project to provide a dignified and respectable home for every Mexican has resulted in new slums, massive debt and lost dreams for millions. That's the conclusion of an investigation by the Los Angeles Times.
Reporter Richard Marosi visited 50 housing developments throughout Mexico over the course of a year reporting the story. He reviewed government and industry documents and interviewed people connected to the issue from homeowners to government officials and housing experts. The resulting five-part series recounts the miscalculations and corruption that created substandard and hazardous housing developments from Baja California to the Gulf of Mexico.
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"The program cost more than $100 billion, and some investors and construction executives reaped enormous profits, hailing themselves as 'nation builders' as they joined the ranks of Mexico’s richest citizens," Marosi wrote. "Meanwhile, the factory workers, small-business owners, retirees and civil servants who bought the homes got stuck with complex loans featuring mortgage payments that rose even as their neighborhoods deteriorated into slums."
Marosi joins Midday Edition on Tuesday with more details from his reporting.
