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Sunday, March 25, 2007

Charlotte Observer: The Power of the Press

by Tanta on 3/25/2007 11:37:00 AM

With a deep curtsey to Mozo Maz, as I'm not wearing a hat to tip:

The Charlotte Observer seems to have gotten the right party's attention ("Loans builder arranged will get federal review"):

Federal housing officials will review whether Beazer Homes USA complied with federal rules in arranging government-insured loans for buyers in its subdivisions.

The Department of Housing and Urban Development,
responding to an Observer investigation, will look at lending records from Charlotte and other cities where a large share of Beazer loans ended in foreclosure, officials said Friday.

The review casts Beazer into the growing pool of lending-industry participants under government scrutiny for the
way they sold mortgage loans to low-income families in the past decade.

Good on the Charlotte Observer's team of reporters and editors for doing what journalism is supposed to be. Good on HUD for responding the Observer.

Now if only we could get HUD onto these problems before they end up in the newspaper. . . .