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BusinessWire: Countrywide Caught Fabricating Letters, KB Home's Steep Quarterly Loss

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Things are pretty much imploding in Calabasas as Countrywide shares dipped to $6.08 this morning following a New York Times story stating the company fabricated letters to a Pennsylvania borrower, demanding a $4,700 payment even though the borrower was already under bankruptcy protection. [NY Times]......But some good news for people wanting to negotiate on the price of that new house: Los Angeles-based KB Home, which reported a quarterly loss of about $773 million today, said home deliveries fell 22 percent to 8,132 in the quarter from a year earlier, while the average selling price fell 11.5 percent to $247,800. [Reuters]