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Beazer agrees to pay $50 million Premium Content

By Matt Carter, Monday, July 6, 2009.

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.  more...

Bankruptcy filings jump 36.5%

By Inman News, Monday, July 6, 2009.

Consumer bankruptcy filings rose 36.5 percent in the first half of 2009 compared to the same period a year ago, to 675,351 the American Bankruptcy Institute said.

Filings fell 6.8 percent from May to June, to 116,365, ABI said, citing data from the National Bankruptcy Research Center.  more...

Signs of life in jumbo lending Premium Content

By Matt Carter, Monday, July 6, 2009.

Jumbo lending is staging a comeback of sorts, with major lenders once again buying the oversize mortgages from other lenders or allowing independent mortgage brokers to originate loans for them.

Bank of America and Wells Fargo had already been battling each other for market share in jumbo lending this year, with BofA announcing in March it was cutting rates to make more of the loans, which are too big for purchase or guarantee by Fannie Mae and Freddie Mac (see story).  more...