Check out this 10-minute video about the Contract Buyer's League, via The Atlantic. It describes a movement organized '68 in Chicago in protest against exploitative housing contracts. In short, federal policies prevented black people from getting mortgages. Seeing a captive market, speculators bought houses and "sold" them to black families at double the price, under contract terms where after any default on payment the property would return to the seller's possession.

http://www.theatlantic.com/video/ind...buyers-league/

Sounds a lot like what we call "buying on land contract." Am I jumping to conclusions, or did this happen here also?