An internal investigation by Beazer Homes USA has found that its mortgage unit violated Federal Housing Administration rules, "particularly in relation to downpayment assistance programs," and a possible settlement with regulators could range from $8 million to $15 million, according to the Atlanta homebuilder.The violations of Department of Housing and Urban Development rules by Beazer Mortgage Corp. date back to "at least 2000," the company said, but it did not disclose the number of FHA loans involved or the default rates on those loans. A spokesman for the HUD inspector general's office declined to comment on the Beazer investigation. The homebuilder previously disclosed that the U.S. attorney's office in Charlotte, N.C., had subpoenaed its mortgage banking unit for loan production documents. Beazer also faces civil litigation from homebuyers who lost their homes. Fitch Ratings -- citing the Beazer internal probe, accounting irregularities, and "challenging" market conditions -- downgraded Beazer's issuer default rating and its senior notes from BB to BB-minus. The ratings remain on Rating Watch Negative. Beazer can be found online at http://www.beazer.com.
-
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
43m ago -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
46m ago -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
1h ago -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
2h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
4h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
4h ago