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Thread: Only in California
09-16-2009, 11:05 AM #1
Only in California
09-16-2009, 11:24 AM #2
Re: Only in California
This is the part which will get the builders in the most trouble.
(underlining and bold are mine)
“What we believe is that, for the people who were qualified to buy these homes and were financed by the builder themselves through their mortgage companies, there is an obligation from the builder to let them know the facts that could materially affect the value of their homes,” McCune said.
The lawsuits allege that builders’ practice in recent years of controlling every step of the home buying process, through appraisals and issuing loans through their finance companies, created an environment where there was no “neutral party” who didn’t have a stake in the deal. Plus, McCune said, the fact that the mortgage companies knew the details of buyers finances bolsters the allegations that the builder companies had to know there could be problems with foreclosures and buyers walking in the future.
I am not saying that the lawsuit is right or does or does not have basis, only that the builders, by their controlling nature to keep all of the money, also kept all of the liability.
09-16-2009, 11:36 AM #3
Re: Only in CaliforniaI am . . . saying that . . . the builders, by their controlling nature to keep all of the money, also kept all of the liability
09-16-2009, 08:54 PM #4
Re: Only in CaliforniaPhoenix AZ Resale Home, Mobile Home, New Home Warranty Inspections. ASHI Certified Inspector #206929 Arizona Certified Inspector # 38440