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Organizing your community to bring public attention to builder’s bad deeds and seeking assistance from local, state and federal elected officials has proven to be more effective and much quicker for thousands of families. You do have choices and alternatives.  Janet Ahmad

Business Week - Beazer Investigation
Wednesday, 28 March 2007

FBI investigating Beazer Homes -report
Shares of Beazer Homes USA Inc. plunged in Tuesday's aftermarket trading session following a report from BusinessWeek magazine that federal investigators have opened a broad criminal probe of the homebuilder's lending practices, a number of financial transactions, and other matters....FBI spokesman Ken Lucas told the magazine Beazer is being investigated for "all types of (potential) fraud associated with Beazer -- corporate, mortgage, investments."

FBI investigating Beazer Homes -report
NEW YORK

Shares of Beazer Homes USA Inc. plunged in Tuesday's aftermarket trading session following a report from BusinessWeek magazine that federal investigators have opened a broad criminal probe of the homebuilder's lending practices, a number of financial transactions, and other matters.

According to BusinessWeek, the North Carolina field offices of the FBI, the Internal Revenue Service, and the Justice Department have opened a joint investigation into Beazer.

FBI spokesman Ken Lucas told the magazine Beazer is being investigated for "all types of (potential) fraud associated with Beazer -- corporate, mortgage, investments."

The news comes amid woes in the homebuilding sector and a recent meltdown in the subprime mortgage lending sector. Subprime lenders loan money to people with spotty credit, and have faced surging default rates as interest rates have risen while homes have been losing value in a softening market.

The stock dropped $4.60, or 14.6 percent, to $26.81 in aftermarket electronic trading, after closing down 91 cents, or 2.8 percent, at $31.41 on the New York Stock Exchange.


http://www.businessweek.com/ap/financialnews/D8O4OJL80.htm?chan=search

 
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Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


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