BFH, Brown Family Homes goes out of business

This is sad to see. BFH is a long standing good builder here in the valley. I have sold dozens of their homes over the years. I have always been impressed by their quality and integrity. Another good company down due to how other companies, wall street, run their business. I don't know the whole story...
Just my opinion
Jeff Cameron

Local builder goes out of business
Construction lender cut credit for Brown Family
by J. Craig Anderson - Oct. 28, 2008 12:00 AMThe Arizona Republic
Tempe-based home builder Brown Family Communities closed its doors Friday after more than three decades in the business.
Company founder Dave Brown said he was forced to cease operation and lay off all 60 employees because the company's construction lender, which he didn't want to name, was unwilling to extend additional credit to build new homes or finish homes under construction.
Brown said that means customers currently in the process of buying a Brown Family home would not be allowed to close the deal.
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Instead, the bank will keep those homes as collateral. Brown said that he would refund every customer's deposit.

Read the rest of the story: http://www.azcentral.com/business/articles/2008/10/28/20081028biz-homebuilder1028.html?&wired