# Research by Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland on the EB-5 Immigrant Investor Program

1 January 31, 2017 Stern in the News ![Citylab logo](/sites/default/files/styles/246w/public/assets/images/citylablogo_0.jpg?itok=m2XP-M92)>

Excerpt from [CityLab](http://www.citylab.com/politics/2017/01/how-to-fix-the-broken-eb5-cash-for-visas-immigration-program-trump/511265/) -- "...as Friedland and [Jeanne Calderon](http://www.stern.nyu.edu/faculty/bio/jeanne-calderon) explain in a report for the Stern Center, in EB-5 deals, the developer often serves as both lender and borrower, setting terms for the loan it both generates and receives. 'The fraud uncovered to date spans all parts of the nation,' Friedland and Calderon write."

[Read more](http://www.citylab.com/politics/2017/01/how-to-fix-the-broken-eb5-cash-for-visas-immigration-program-trump/511265/)