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builders: Countrywide charged with mortgage fraud? What's next? - 02/07/08 11:01 PM
A reporter friend just called me about a lawsuit recently filed in the Los Angeles Superior Court against home builder KB Homes and lender Countrywide KB Home Loans involving, what else, fraud. I've attached the press release below for your information.
Builders are in a tough spot right now and have been for the past couple years. They have standing inventory that they need to sell but the market has dropped by 30% - 40% (at least in our part of California). If they drop the price of their new homes to a salable level, they've just pissed off everybody who bought … (12 comments)