Industry NewsMortgage

Beazer agrees to pay $50 million

Homebuilder admits mortgage firm bilked borrowers
Published on Jul 6, 2009

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by CareyBot

Federal prosecutors say they won't pursue criminal charges against Beazer Homes USA Inc. as long as the company remains in compliance with an agreement to pay up to $50 million in restitution to homebuyers who were allegedly victimized by the builder's mortgage company.

The case serves as a dramatic illustration of the Department of Housing and Urban Development's complaints about seller-funded down-payment assistance programs, and homebuilders' affiliated mortgage and title insurance companies.

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