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Settlement Reached in HUD Violation Case
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May 19, 2009
The parent company of a North Carolina lender entered a settlement agreement with the North Carolina Office of the Commissioner of Banks for violating the Department of Housing and Urban Development's down payment assistance regulations on FHA-insured loans.
Beazer Mortgage Corp. had disclosed the violations by its employees in October 2007, some of which dated back to 2000. The settlement of $2.5 million in restitution to borrowers is being paid by parent company Beazer Homes USA Inc.
As reported by MortgageDaily.com, Beazer said it has set aside monies in charges for payments tied to government investigations.
Read story at MortgageDaily.com
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