Stock slump the latest of Beazer's woes

[USPAP Compliant]

http://www.charlotte.com/business/story/442677.html

 

[USPAP Compliant]

The Beazer downfall began as a result of some good exposure and reporting from The Charlotte Observer.

Great example of what can happen when efforts are taken to expose fraud.

 

[NC Appraising]

Tell that to the pin head at WBT 1100 at 3:00-6:00. Every time the Observer wrote something concerning the Beazer investigation, this guy blamed everything on the buyer. Appraiser Charlotte North Carolina

I personally, spread the blame equally.

 

[USPAP Compliant]

Most of those buyers were uneducated, uninformed, poorlly qualified first time buyers. They were lied to, doccuments were not always accurate (including some appraisals).


Plenty of blame to go around. In this case most the blame has to go to Beazer and Beazer Mortgage. They were the ones that romanced these buyers and financed the deals.

Just my opinion.

 

[Couch Potato]

I'm generally very big on personal responsibility and would love to just say the buyers were the ones at fault. It's the easy thing to do. However, in this case that position would not match the facts. I expect to read where some of these clowns at Beazer end up in jail. In my opinion, it appears fairly clear some at the company were engaged in very inappropriate, and probably criminal, behavior.

 

[USPAP Compliant]

This is a GREAT EXAMPLE of the power of the press. The Charlotte Observer started a little investigation of some high foreclosure rates in a couple of sub-divisions.

The investigation turned in several directions and brought on of the nations largest builders to it's knees.

I can guarantee you that some other builders and mortgage companies are quaking in their boots as the real potential of industry wide investigations looms large.


Go back and read the series.....it will be done agains with some new names and new players.

http://www.charlotte.com/523/

http://nl.newsbank.com/nl-search/we...rpage=10&p_sort=YMD_date:D&xcal_useweights=no