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Lenders Fined Lawsuit


Ryland Group Inc. settles $370,000 questionable lending suit.


Lenders Fined

New York, NY: (Mar-04-08) The North Carolina banking commissioner's office brought charges against Ryland Group Inc., alleging that the company had questionable lending practices. The suit claimed that Ryland, a Calabasas, CA builder's affiliated mortgage company, employed unlicensed loan officers and charged borrowers excessive fees. The suit was filed after state examiners expressed concern that Ryland was charging excessive closing costs and other fees to recoup discounts they were offering to home buyers. Company spokespersons stated that the company had reached a settlement with the federal regulators, in which it has agreed to refund 850 buyers about $250 each and pay a $161,000 fine.

Though the company did not admit any wrongdoing, it said the settlement avoids the risks of litigation. The Ryland settlement comes amid increasing scrutiny of the lending operations owned or affiliated with builders that helped fuel the housing boom. Beazer Homes USA Inc., is being investigated for alleged violations of federal lending laws, primarily in the Charlotte, NC area. The Atlanta builder shut down its mortgage-origination operations across the country, citing the "increasing complexities" in the mortgage business. [THE WALL STREET JOURNAL: RYLAND FINED OVER LENDING]


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Financial Statements

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