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Archive Home > 2009 > January > 25 > Foreclosing on builders with perfect records

Foreclosing on builders with perfect records

They’ve never missed an interest payment, but large numbers of small-time builders, a group that accounts for 70 percent of new-home construction, are being shut out by banks anyway

By John Collins Rudolf / The Bulletin
January 25, 2009

TEMPE, Ariz. — Dave Brown, one of this city’s best-known homebuilders, had kept his head above water through the housing downturn, not missing a single interest payment on his loans. So he was confounded a few months back when one of his banks, spooked by the decline in his....

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