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WHAT: Press Conference at KB Home headquarters to release a new report detailing more housing problems to come in 2010 and 2011. WHEN: Thursday, August 7th, 2008 at 1:00 p.m. WHERE: KB Home headquarters, 10990 Wilshire Boulevard, Los Angeles, CA 90024 VISUALS: Angry homeowners impacted by the housing and mortgage crisis with signs NOTE: Homeowners who bought their homes from KB Home and received their mortgage from Countrywide KB Home Loans, a joint venture between KB Home and Countrywide Financial, will be available for interviews. Please contact Dawn Page at (480) 619-9263 to make interview arrangements.
The report examines mortgages originated between 2005 and 2006 in Maricopa County, Arizona by the lending subsidiaries of three of the nation's largest home builders: Richmond American, Lennar, and KB Home. Report findings reveal that more than one third of all the mortgages are five year ARMs that will reset in 2010 and 2011.
The report indicates that many homeowners with five-year ARMs will be trapped in their loans and unable to refinance before their interest rates reset due to high loan amounts and decreasing home values. According to the report, home values in the area have declined an average of more than $50,000 in just the last year with the value of Lennar homes dropping by an average of $61,600, KB homes by an average of $55,600 and Richmond American homes by an average of $49,500.
In addition, the report shows that half of the mortgages were 80/20 loan combinations, in which there is a first mortgage for 80% of the sale price and a second mortgage, also known as a piggy-back loan, for 20% of the price.
The half-million members of LIUNA - the Laborers' International Union of North America - are on the forefront of the construction industry, a powerhouse of 10 million workers who build America.
SOURCE: Laborers' International Union of North America (LIUNA)
Laborers' International Union of North America (LIUNA) Dawn Page, 480-619-9263 dpage@liuna.org or Jacob Hay, 202-942-2285 jhay@liuna.org
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