On December 21, 2009, McWright, LLP filed a First Amended Complaint superceeding the original September 3, 2009 class action lawsuits filed against eight national homebuilders. The lawsuit alleges homebuilders that sold new homes in 2005 and 2006 to purchasers who put 20% or more down payment, failed to inform these purchasers of the large number of subprime loans used to sell homes at inflated prices in the same development. The lawsuit further alleges that these homebuilders not only knew about the subprime loans, the homebuilder actually funded many of the subprime loans through mortgage companies that the they set up to fund the loans used to purchase the homes they were selling. The lawsuit also alleges that as a result of these subprime loans, that homes in these developments were sold at inflated prices, and that the high rate of foreclosures and short-sales from defaulting subprime buyers has resulted in devastating reduction in home values.

To read the lawsuit for one of the following homebuilders, you can access the homebuilder lawsuit by highlighting the homebuilder name:

• Lennar Homes
• Beazer Homes
• Centex Homes
• D.R. Horton Homes
• Richmond American Homes
• Ryland Homes
• Shea Homes
• Standard Pacific Homes

We would like to hear from you if you believe you are one of our prospective class members. If you are interested in having your situation included in the lawsuit, please click here and fill out the short questionnaire, and someone from McCuneWright will get back to you shortly. If you would prefer to leave a telephone message, please call 909.557.1254.