L.A. Developer Settles Lawsuit

KB Home agrees to pay a $3.2 million settlement for poor lending practices.

1 minute read

July 9, 2005, 5:00 AM PDT

By Brenda Meyer

"The 13 alleged violations by KB Home Mortgage Co., a unit of the Los Angeles-based home builder, involved underwriting practices such as approving loans to ineligible borrowers, approving loans based on overstated or incorrect income, failing to include all of borrowers' debts and failing to properly verify sources of funds, HUD said."

Thanks to Brenda Meyer

FULL STORY: KB Home Settles U.S. Allegations

Thursday, July 7, 2005 in The Los Angeles Times

Government / Politics California

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