This is a follow up to the “Follow the money… in Ohio” posting.
I found the original Columbus Dispatch article that Bill Fleckenstein quotes from in his posting. Some pretty juicy tidbits… check out these “non-profit” salaries at Nehemiah Corp. of America:
President Scott Syphax: $574,535
Founder Don F. Harris: $185,000 (for 15 hours a week!)
Other officers (may include Harris) earning six-figure salaries: 9
Pretty nice, eh? How many folks do you know in the non-profit world that earn this type of money?
Dominion Homes appears to be embarassed by the attention paid to this program – they’ve dropped it from their web site.
The Nehemiah Program: Dominion Homes is proud to be a participant in the Nehemiah Home Ownership Program. This program revolves around the donation or gift of funds to Homebuyers from a not-for-profit organization called the Nehemiah Corporation. You can get more information on the Nehemiah program by clicking here or by visiting their website at www.getdownpayment.com.
They’ve also dropped the $0 Down Option ALT tag for the graphic on the page, dropped a paragraph about Balloon Mortgages, and dropped a paragraph about “Other Non-Traditional Programs” and seeing a “Dominion Homes sales representative or Dominion Homes Financial Services® loan counselor for details.” … generally shortening the page and dropping references to higher risk programs.
P.S. Here’s a 2002 article from BankRate.com that describes the issues in more detail.