Beazer Homes Mortgage Business Being Investigated
As the mortgage market faces major issues for lending practices, the slow moving cover-your-behind federal government has started it’s investigations into picture. One of the first investigations that is happening is alleged mortgage fraud at Beazer Homes USA. The company has gotten some tough press in the Charlotte Observer and it has triggered a request for documents from Beazer by the Federal Bureau of Investigation and the US Attorneys Office.
“Beazer Homes has been in contact with the U.S. Attorney’s Office and, at this time, there have been no allegations of any wrongdoing,” Beazer said in a statement. “Instead, Beazer Homes has received a request for documents generally relating to its mortgage business. We are fully cooperating with this request and the U.S. Attorney’s Office.”
Beazer also said it believes the request for the lending documents was fueled by articles recently published by the Charlotte (N.C.) Observer.
“Based on our internal investigations to date, we have found no evidence to support the allegations in these articles,” Beazer said. “We have further been told by the U.S. Attorney’s Office that the statements by the FBI and published by Business Week were not authorized and should not have been made.” via the Atlanta Business Chronicle:.
Montreal Canada. L`ile bizard. Large private mansion with concrete pool, sauna, nested in woods. with 6 large garages ...
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
I see it all too often where owners decide to be investors without understanding that tenants have rights. Its ...
cont from above post.....
please contact me via e-mail if interested in the home listed
above.
jonieckstrom@yahoo.com 
This is a topic currently being debated in our local Real Estate Board here in Toronto Canada. Online, we ...
A property management company should realize that most potential tenants now will have a foreclosure or bankruptcy on their credit....as ...
my boyfriend and i just fell for the scam ourselves, it's sad what they are able to do. I am ...
Now is an excellent time for business people to buy if they have decent credit (I did not say excellent ...
Comment by Jason Kaminski on 30 March 2007:
This is a solid and free advice for people with bad credit. If you need to fix your bad credit or if you are looking for a loan you may be interested in this…visit http://www.mybadcredithelp.com
Comment by Mark Cuny on 20 February 2008:
Beazer Mortgage should be investigated for this, as well:
I purchased my first home in October 2006 while I was in Iraq doing contract work. My sister was my power of attorney and signed all the paperwork for me. We found a brand new home in the Wildomar/Murrieta area with Beazer homes, and I was pre-approved right away because of my good credit and income. At the time, I was pre-approved for 100% financing with an interest rate at 6% on the 1st loan (80%) and 8% on the 2nd loan (20%). Beazer Homes said that if I used their mortgage company they would throw in 20K in upgrades and pay for my closing costs. They also said they could beat my lst mortgage interest rate with a 5.5% interest only 5 Year ARM vs. the 6% my bank was offering. This sounded perfect! Little did we know, the loan officer was crooked. She verbally told us the rate was 5.5%, and when my sister signed the loan paperwork, she also explained it to her that it was a 5.5% interest only 5 Year ARM. What she neglected to say and point out in the large stack of loan papers was that the 5.5% rate was a negative amortization rate, and that my REAL interest rate is 8.5%. (Linda ***** and Beazer Mortgage would be making a killing on this loan by marking my interest rate up – that meant a great deal of money in Linda’s pocket – at my expense!)
Once I received my closing paperwork and first mortgage statement – we realized we had been conned. Needless to say, I love this home and want to keep it. I have perfect credit and decided to pay the 8.5% interest rate for a year and then just refinance when my one year prepayment penalty was up. This meant I was stuck in Iraq doing contract work for a year more than I planned. This also meant leaving behind my new wife (married in 3/2007) in a large home all by herself. I am working to pay for a home I cannot even live in or enjoy. Now a year later with the decline in home values,I cannot even refinance. EMC Mortgage could easily give me a loan modification, but they say I have to leave my job in IRAQ and fall behind on my payments before they will assist me. This is crazy! I am basically risking my life to be able to pay down all my other bills so I can hopefully one day come home and join the police force and afford my mortgage. I have worked too hard to have a credit score of above 720 to just throw it all away because Beazer Mortgage/Linda Smith and EMC Mortgage are not ethical. Note: I am not the only buyer that Beazer Mortgage conned. My next door neighbor is in the same scenario.