On our regular blog watch is the Mortgage Fraud Blog:
She added this whopper on Beazer Homes settling for $10 million now, and up to $50 million eventually to compensate for these illegal activities:
Beazer, and its subsidiary, Beazer Mortgage Corporation, admit to engaging in several fraudulent mortgage origination practices, including (1) fraudulently retaining so-called “discount points” that should have been used to provide some home-buyers with a decreased interest rate; (2) fraudulently informing some home-buyers that they were receiving a “gift” from a charity to cover their down-payment when, in truth, the price of the home was increased to offset the supposed “gift;” (3) fraudulently circumventing the “Neighborhood Watch” and “Credit Watch” programs of the Department of Housing and Urban Development to avoid action from HUD in response to the high foreclosure rate of some Beazer Mortgage offices; and (4) instituting a strategy of willful blindness with regard to some stated income loans.
But more eye-popping is that the blogger has added 70 stories on mortgage fraud since May 1st!
How many of the other corporate builders were screwing people too?I imagine everyone was in the game.Got to love the american consumer.I wonder how angelo is doing these days.Maybe he will have the chance to meet bernie madoff soon.
A fiend of mine bought recently in Del Sur. He said because he bought in his particular neighborhood, he HAD to use an option-arm mortgage. Sounds awfully fishy. How does this happen?