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Real Estate/Development

Sep. 9, 2009

Homebuilders Sued Over Lax Lending Rules

Thousands of homeowners nationwide are expected to join a string of federal class action lawsuits accusing eight major homebuilders of using their in-house finance companies to approve people for loans who couldn't afford them.

By Jason W. Armstrong
Daily Journal Staff Writer

RIVERSIDE - Thousands of homeowners nationwide are expected to join a string of federal class action lawsuits accusing eight major homebuilders of using their in-house finance companies to approve people for loans they couldn't afford, contributing to waves of foreclosures pummeling their neighborhoods.

The eight suits filed late Thursday in the Central District's Riverside division name the Calif...

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