Current news for this company:
Beazer Mortgage Corp. - Builder retail mortgages
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2008-02-01
stories: reuters.com, go.com, cnn.com
Beazer has called it quites on mortgages. We're surprised it took this long, since the company has been under investigation for predatory lending by NC officials for quite a while, and is under investigation by the SEC too:
The company has said previously it would restate financials for a three-year period after an internal probe found employees in its mortgage origination unit violated federal lending rules.
The company has said it received a subpoena from the U.S. Attorney's Office in the Western District of North Carolina seeking documents related to the mortgage service. A lawsuit filed against the company by 10 home buyers said fraudulent tactics were so pervasive in a Beazer housing development in Charlotte that corporate management must have participated or condoned the approach.
Beazer also had previously disclosed that its former chief accounting officer may have inflated reserves and other accrued liabilities in earlier periods.
Not too surprisingly, the company is planning to exit from a number of markets, including Charlotte (a real shocker), Cincinnati/Dayton, and Lexington, KY.
Important: This company is on our list of lending operations that have "imploded" (see also ailing lenders). However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.