HomeLatest NewsFeatured HomebuildersHome Buyer ResourcesBinding ArbitrationResource LinksSubmit ComplaintsView ComplaintsTake Action 101!Report Mortgage FraudMortgage Fraud NewsForeclosure NewsConstruction DefectsHome DefectsPhoto GalleryFoundation ProblemsHomeowner Website LinksHOA Reform
Main Menu
Home
Latest News
Featured Homebuilders
Home Buyer Resources
Binding Arbitration
Resource Links
Submit Complaints
View Complaints
Take Action 101!
Report Mortgage Fraud
Mortgage Fraud News
Foreclosure News
Construction Defects
Home Defects
Photo Gallery
Foundation Problems
Homeowner Website Links
HOA Reform
Featured Topics
Builder Death Spiral
Report Mortgage Fraud
Foreclosure Special Report
Mold & New Home Guide
Special News Reports
Centex & Habitability
How Fast Can They Build Them?
TRCC Editorial
Texas TRCC Scandal
Texas Watch - Tell Lawmakers
TRCC Recommendations
Sandra Bullock
People's Lawyer
Prevent Nightmare Homes
Choice Homes
Smart Money
Weekly Update Message
HOBB Archives
About HOBB
Contact Us
Fair Use Notice
Legislative Work
Your House

 HOBB News Alerts
and Updates

Click Here to Subscribe

Support HOBB - Become a Sustaining Member
Who's Online
ABC Special Report
Investigation: New Home Heartbreak
Trump - NAHB Homebuilders Shoddy Construction and Forced Arbitration

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

Another day, another disclosure by Beazer Homes
Thursday, 16 August 2007

More bad news for Beazer
The Atlanta homebuilder issued the latest in a steady trickle of bad news Wednesday evening, conceding for the first time the existence of "certain evidence" that its mortgage operation violated federal lending rules.The company also said "negative publicity" about its conduct is scaring away potential homebuyers, suppliers and even some employees -- and that it is increasingly difficult for Beazer to hire qualified replacements...The company's problems began with a Charlotte Observer series charting problems with the company's aggressive sales tactics.

More bad news for Beazer
Homebuilder reports existence of evidence of federal violations
BINYAMIN APPELBAUM This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Related Content

Another day, another disclosure by Beazer Homes USA.

The Atlanta homebuilder issued the latest in a steady trickle of bad news Wednesday evening, conceding for the first time the existence of "certain evidence" that its mortgage operation violated federal lending rules.

The company also said "negative publicity" about its conduct is scaring away potential homebuyers, suppliers and even some employees -- and that it is increasingly difficult for Beazer to hire qualified replacements.

The filing with the Securities and Exchange Commission was intended to bolster investor confidence. Beazer cannot file its latest quarterly financial statement because it is investigating problems with past filings. It filed an informal statement instead.

Beazer is the subject of a federal criminal investigation and a formal inquiry by the Securities and Exchange Commission, along with lawsuits filed by shareholders, customers and employees. Its board is also conducting an internal investigation. The company's problems began with a Charlotte Observer series charting problems with the company's aggressive sales tactics.

Beazer said Wednesday the internal investigation included "certain evidence that the Company's subsidiary, Beazer Mortgage Corporation, violated U.S. Department of Housing and Urban Development ("HUD") regulations and may have violated certain other laws and regulations in connection with certain of its mortgage origination activities." It did not give details.

The company's stock price declined in late trading, continuing a pattern in which Beazer's stock has dropped sharply in the hours before the announcement of bad news. The closing price of $10.48 was the lowest since 2000.

http://www.charlotte.com/business/story/238206.html

 
< Prev   Next >
Search HOBB.org

Reckless Endangerment
BY: GRETCHEN MORGENSON
and JOSHUA ROSNER

Outsized Ambition, Greed and
Corruption Led to
Economic Armageddon


Amazon
Barnes & Noble

NPR Special Report
Part I Listen Now
Perry Home - No Warranty 
Part II Listen Now
Texas Favors Builders

Washington Post
The housing bubble, in four chapters
BusinessWeek Special Reports
Bonfire of the Builders
Homebuilders helped fuel the housing crisis
Housing: That Sinking Feeling

Consumer Affairs Builder Complaints

IS YOUR STATE NEXT?
As Goes Texas So Goes the Nation
Knowledge and Financial Responsibility are still Optional for Texas Home Builders

OUTSTANDING FOX4 REPORT
TRCC from Bad to Worse
Case of the Crooked House

TRCC AN ARRESTING EXPERIENCE
The Pat and Bob Egert Building & TRCC Experience 

Build it right the first time
An interview with Janet Ahmad

Bad Binding Arbitration Experience?
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or call 1-210-402-6800

Homeowner Websites

top of page

© 2024 HomeOwners for Better Building
Joomla! is Free Software released under the GNU/GPL License.