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Thursday, October 11, 2007

Mortgage company faces federal investigations over lending violations




October 11 2007 BusinessWeek.com
Beazer Homes USA Inc., which faces federal investigations of its business practices, will restate financial statements for a three-year period after an internal probe found its mortgage origination unit violated federal lending rules, the company said Thursday. But the Atlanta-based company said the cumulative impact of its restatements will likely be an increase in profit, though it can't say exactly how much at this time. It also said the restatement will not cause an adjustment to the company's current cash position. Beazer also released selected financial data for its fiscal fourth-quarter of this year, showing that for the period ending Sept. 30 home closings fell 39 percent from a year ago and net new home orders dropped 52 percent. It said it had more than $400 million in cash on hand at the end of the quarter.

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