The lowdown on downpayment programs

Alleged scheme said to push loan defaults higher

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I don’t know about you, but I found the recent published reports that Beazer Homes USA Inc. will pay as much as $53 million to settle mortgage fraud charges relating to its own buyers particularly disturbing.

According to news reports, Beazer allegedly ignored income requirements so as to make loans to unqualified buyers. As one could have predicted, these loans blew up.