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Washington Post - Foreclosures getting worse |
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Written by Janet Ahmad
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Wednesday, 24 May 2006 |
Mortgage Stress Seen for '06
Many subprime loans, for example, feature prepayment penalties that make it too costly for borrowers to refinance, even after they have mended their credit. A study by researchers at the University of North Carolina found that 20 percent of subprime loans went into foreclosure within four years, Ernst said. A recent government analysis of which borrowers have subprime loans found that they were disproportionately black and Hispanic...Frank said bigger problems for borrowers will come in 2007, because many of the subprime loans that feature adjustable-rate mortgages "reset," or change rates, that year. People who will be "stressed" will be those who were unable to refinance before their rates begin rising or whose home prices have fallen so that it becomes too difficult to sell and get out from under the mortgage, he said. |
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Ryland Home Class Action Lawsuit Approved by the Court |
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Written by Janet Ahmad
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Wednesday, 24 May 2006 |
Homeowners Get Class Action Lawsuit Against Ryland Homes
The suit just moved forward and could get a lot bigger. The WESH 2 I-Team spent countless hours exposing building flaws that led to major problems during the 2004 hurricanes. That brutal trio of hurricanes made many Ryland homeowners aware of water leaks in their new homes. Now a judge's decision to grant their lawsuit class action status against the homebuilder may help many riled Ryland owners recover the unexpected expense of getting the damage fixed. |
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Last Updated ( Wednesday, 24 May 2006 )
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Luxury Living not all its cracked up to be |
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Written by Janet Ahmad
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Tuesday, 23 May 2006 |
Part I: Luxury living or glorified apartment?
Buyers paying a premium for lofts, condos and townhouses expect high-quality construction and quiet. But often what they get behind the gleaming surfaces and lofty ceilings is an ordinary apartment in which owners can hear the clack-clack of high heels overhead and smell cigarette smoke from five floors below and moldy odors emanating from electrical outlets... In the past few years, multifamily housing has made up more than half of all new housing built in the Twin Citieis metro area. Last year alone saw almost 10,000 new attached units built, mostly condominiums and townhouses...It becomes a big-stakes game: "At one arbitration, there were 35 lawyers sitting in the room," said Steven Orfield, a Minneapolis acoustics consultant and expert witness in several multimillion-dollar lawsuits. |
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Last Updated ( Tuesday, 23 May 2006 )
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Builder's criminal background doesn't stop Bank from loaning money |
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Written by Janet Ahmad
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Tuesday, 23 May 2006 |
The Casselberry-based thrift lent millions to Barrington Homes' would-be home buyers
R-G Crown Bank, one of the region's fastest-growing financial institutions, has become ensnared by the problems of an Orlando home-building company whose former chief executive faces money-laundering charges. The Casselberry-based thrift has loaned millions of dollars during the past year to would-be home buyers who hired Barrington Homes Inc. to build houses for them in three subdivisions the company was developing in the Apopka area. |
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Las Vegas Builders offer incetives up to $100,000 |
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Written by Janet Ahmad
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Monday, 22 May 2006 |
It's a buyers' market in the Las Vegas Valley
There were a record 18,467 resale houses and another 4,000 new homes up for sale. In addition, another 6,000 condominiums are - or will soon be - available after being converted from apartments... Builders are offering purchase incentives, including free lawn maintenance, swimming pools, washers and dryers and even the cost of packing and moving customers into their new residences. Some incentive packages have been valued by builders at up to $100,000... KB Home recently reduced prices up to $30,000 at 16 of its 38 subdivisions. |
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BUILDER Magazine - Builder Investigated for Kickbacks |
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Written by Janet Ahmad
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Monday, 22 May 2006 |
Kickbacks Probed
Sixteen builders alleged to have received illegal kickbacks
The names of the 16 builders (see "Naming Names,") were first made public in the Denver Post when Erin Toll, Colorado's deputy commissioner of compliance in the state's Division of Insurance, told the newspaper that First American released the names as part of the state's investigation. Similar probes surrounding illegal title insurance kickbacks are under way in California and Washington state. |
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Last Updated ( Monday, 22 May 2006 )
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Florida:builders leave behind half-built homes |
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Written by Janet Ahmad
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Sunday, 21 May 2006 |
Same old problems hit home builders
The latest installment in the perpetual story of involves Coral Bay Construction of Spring Hill and was first reported in the Times April 30. Coral Bay filed for Chapter 11 federal bankruptcy protection on Friday, which is the same day that the Hernando County Sheriff's Office announced it is investigating the company to determine if company officials have committed grand theft or lied to clients. |
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Lennar Homes closing down Northern Colorado operations |
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Written by Janet Ahmad
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Sunday, 21 May 2006 |
Lennar leaving market
Lennar, the builder of U.S. Homes houses, is scaling back operations in the Northern Colorado market. The home builder's 15- employee office in Loveland is closing soon. The office in the Denver metro area will remain open and will staff its existing model homes until sold. |
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Last Updated ( Tuesday, 23 May 2006 )
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Written by Janet Ahmad
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Saturday, 20 May 2006 |
Home Builders Down on Analyst Report
Shares of major home builders edged down Tuesday, after an analyst released a report lowering his earnings estimates for the companies based on expected increases in interest rates and predictions of soft spring sales.Morgan Stanley's Robert Stevenson reduced his 2006 and 2007 earnings projections for KB Home and Lennar Corp., while also cutting his 2007 estimate for Pulte Homes Inc... Shares of KB Home fell 58 cents to $55.96, while shares of Lennar dropped 98 cents, or 2 percent, to $48.83 and shares of Pulte Homes fell 77 cents, or 2.3 percent, to $32.67, all in afternoon trading on the New York Stock Exchange. |
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Last Updated ( Saturday, 20 May 2006 )
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Law Enforcement or Buddie System |
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Written by Janet Ahmad
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Friday, 19 May 2006 |
Building inspectors: Who's the boss?
Building inspectors are really construction police. They watch a house go up from foundation to rooftop. At least that's what buyers assume. But that may not be the case in Wylie. In more than a dozen North Texas cities, building inspectors can actually be on the contractor's payroll...Moore says he was pressured to overlook mistakes and shut up....He quit. On principal he sued the City of Wylie... Janet Ahmad gets dozens of complaints about shoddy new homes every year. She's concerned not only about Wylie, but about a statewide trend that allows builders in some cities to hire their own inspectors. "The law is for sale when it comes to building homes," ..."This is law enforcement and they are making a buddy system out of it. |
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Last Updated ( Saturday, 20 May 2006 )
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Builder Charged in Fraud Scheme |
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Written by Janet Ahmad
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Friday, 19 May 2006 |
Home Builder Charged In Alleged Fraud Scheme
The indictment describes Miller as the kingpin of an operation that included loan officers who forged signatures, appraisers who inflated values, realtors and developers -- all allegedly designed to con banks and down-and-out home buyers out of millions of dollars. |
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Last Updated ( Friday, 19 May 2006 )
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Consumer Affairs: Texas Court Invalidates KB Home's Forced Arbitration |
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Written by Janet Ahmad
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Thursday, 18 May 2006 |
Texas Homeowners Can Now Sue KB Home for Construction Defects
The settlement means that all binding arbitration clauses in KB Home agreements are invalid and homeowners can now sue KB Home in a court of law rather than being forced into binding arbitration over construction defects...Despite these agreements and fines, HomeOwners for Better Building (HOBB), a non-profit group, says it has obtained information that confirms KB Home has once again disregarded the FTC consent order and the terms of the new class action settlement even before the ink was dry.
See copy of documents – KB's warranty provider request for binding arbitration, March 30, 2006: KB Defies FTC
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Last Updated ( Sunday, 21 May 2006 )
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Class Action Settled - KB Home defies FTC Consent Order! |
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Written by Janet Ahmad
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Thursday, 18 May 2006 |
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Texas Court Finalizes KB Home Arbitration Class Action Lawsuit
Laredo District Court Judge Solomon Casseb Tuesday approved a court supervised class action settlement of Timothy D. Pruitt vs. KB Home, which prohibits KB Home from requiring past, present or future customers to consent to mandatory binding arbitration for the settlement of warranty claims...Last month HomeOwners for Better Building obtained documents which appear to confirm that KB Home has again disregarded the FTC consent order and the terms of the of the new class action settlement. While under the court provisional certification of the class action, the company referred at least one homeowner with major foundation problems to its third party warranty provider Home of Texas, who denied the claim and notified the homeowner to submit to Binding Arbitration, conducted by Construction Arbitration Services (CAS). See copy of documents – KB's warranty provider request for binding arbitration, March 30, 2006: KB Defies FTC
PRWEB Webhttp://www.prweb.com/releases/2006/5/prweb386981.htm |
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Last Updated ( Sunday, 21 May 2006 )
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No Binding Arbitration for KB homeowners |
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Written by Janet Ahmad
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Wednesday, 17 May 2006 |
KB Home settlement approved
People who bought a house from KB Home in the past 10 years will not have to submit to binding arbitration in warranty disputes, according to an agreement between the builder and plaintiffs in a class-action lawsuit. "We are pleased that the court gave its approval of the Pruitt settlement," said Cathy Teague, a spokeswoman for KB Home Lone Star's San Antonio office. "This closes a chapter on terms favorable to our customers and our company." Janet Ahmad, president of HomeOwners for Better Building, said KB Home is now the only builder barred from requiring buyers to sign such agreements but that she hopes other builders will follow suit. |
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Last Updated ( Wednesday, 17 May 2006 )
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Homeowners can sue KB Home |
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Written by Janet Ahmad
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Wednesday, 17 May 2006 |
Settlement allows homeowners to sue KB Home
A Laredo judge finalized a court decision Tuesday that allows owners of homes made by KB Home to file lawsuits against the company...The settlement is a victory for consumers, said Janet Ahmad of San Antonio, president of home-builder watchdog group Homeowners for Better Building. Her group has often decried arbitration clauses in contracts as unfair to homeowners. "They are the only builder in the nation that cannot require binding arbitration," she said. |
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Last Updated ( Wednesday, 17 May 2006 )
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