On March 19, 2010 Housing and Urban Development audited two of D R Horton's four Arizona loan offices. Based on
what they found, the feds audited all four of DHI Mortgage's loan origination locations. What they found is that every one
of the twenty loan files reviewed had serious deficiencies and were in severe financial distress. For that matter, 12
of the twenty loans had already gone through foreclosure and the remaining 8 were nearly at that stage. The 12 foreclosures
had already cost TARP providing America $2,500,000.00
The HUD audit report will take 10
seconds to load since it contains 65 pages of information. YOU CAN'T MAKE THIS STUFF UP!
On
page 2- DHI is directly responsible for $2.5 million in taxpayer losses because they originated loans to people who could
not afford the homes. They immediately resols the loans to Wall Street which then bundled them into "shitty deals"
to be resold to investors. Those are now our TARP 'assets.'
Page 5- DHI Mortgage impropoerly calculated income,
inflated overtime, didnt document where the 'down payments' were coming from, and falsified manual underwriting standards
etc...
Page 11- D R Horton is 'woried about flipping practices.' Thats BS. Don Horton wants to sell
as many homes as he can to line his pockets. In the mOnterey Cove development in Nevada he sold 4 homes to one consumer,
two of them on the same day. Three of those four homes are by definition investment properties.
Page
18- The list of 12 foreclosed homes at the time of report.
Page 31- DHI Mortgage closed escrow
on the same day that the borrower lost his job. That is a substantial change in circumstances which requires
recalculation of the loan. Other victims in Illinois and Washington report similar stories.
Page 33-
A second year college student was sold a home because of his "potential for advancement."
