Fort Wayne Journal Gazette (IN) (02/04/08); Weber, Harry R.
Beazer Homes USA Inc. has shuttered its Beazer Mortgage Corp. subsidiary and severed ties with Homebuilders Financial Network LLC, making Countrywide Financial Corp. its preferred mortgage lender instead. Additionally, the Atlanta-based home builder announced that it will no longer build homes in Charlotte, N.C.; Columbia, S.C.; Lexington, Ky.; and Cincinnati, Columbus and Dayton, Ohio. Beazer reports a 24-percent drop in home closings, a 29-percent decrease in net new-home orders and a 46-percent cancellation rate for the quarter ended Dec. 31. The company currently is under investigation by the Securities and Exchange Commission for allegedly inflating reserves and liabilities in previous years and by the U.S. Attorney's Office in the Western District of North Carolina for alleged violations of federal lending rules.
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