Beazer Homes Announces Settlement with North Carolina Office of the Commissioner of Banks
19 5์ 2009 - 11:15PM
Business Wire
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) (๏ฟฝthe
Company๏ฟฝ) today announced that its subsidiary, Beazer Mortgage
Corporation (๏ฟฝBeazer Mortgage๏ฟฝ), which voluntarily ceased
operations in February 2008, has entered into a settlement
agreement with the North Carolina Office of the Commissioner of
Banks (๏ฟฝOCOB๏ฟฝ) concerning the OCOB๏ฟฝs examination of certain
mortgage origination issues in 2007.
Under the settlement agreement, Beazer Mortgage consented,
without admitting the alleged violations, to the entry of a consent
order which provides that Beazer Mortgage will apply approximately
$2.5 million in restitution to certain borrowers in respect of the
alleged violations. This amount was included in the approximately
$13 million of expense the Company previously disclosed it had
recognized in the quarter ended March 31, 2009 for estimated
payments related to governmental investigations.
The settlement agreement concludes the OCOB๏ฟฝs investigation into
these matters with respect to Beazer Mortgage.
As previously disclosed, the Company has had several discussions
with the U.S. Attorney for the Western District of North Carolina
(๏ฟฝthe U.S. Attorney๏ฟฝ) to negotiate a resolution of its
investigation. The negotiations with the U.S. Attorney are
continuing and the Company has not reached an agreement on such a
resolution. There can be no assurance that the Company can conclude
an agreement with the U.S. Attorney on financial or non-financial
terms that are mutually acceptable.
Beazer Homes USA, Inc., headquartered in Atlanta, is one of the
country๏ฟฝs ten largest single-family homebuilders with continuing
operations in Arizona, California, Delaware, Florida, Georgia,
Indiana, Maryland, Nevada, New Jersey, New Mexico, North Carolina,
Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the
ticker symbol ๏ฟฝBZH.๏ฟฝ
Forward Looking
Statements
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of our control, that could
cause actual results to differ materially from the results
discussed in the forward-looking statements, including, among other
things, (i) the timing and final outcome of the United States
Attorney investigation and other state and federal agency
investigations, as well as the results of any other litigation or
government proceedings; (ii) additional asset impairment charges or
writedowns; (iii) economic changes nationally or in local markets,
including changes in consumer confidence, volatility of mortgage
interest rates and inflation; (iv) continued or increased downturn
in the homebuilding industry; (v) estimates related to homes to be
delivered in the future (backlog) are imprecise as they are subject
to various cancellation risks which cannot be fully controlled,
(vi) our ability to maintain the listing of our common stock on the
New York Stock Exchange, (vii) continued or increased disruption in
the availability of mortgage financing; (viii) our cost of and
ability to access capital and otherwise meet our ongoing liquidity
needs including the impact of any further downgrades of our credit
ratings or reductions in our tangible net worth or liquidity
levels; (ix) potential inability to comply with covenants in our
debt agreements; (x) increased competition or delays in reacting to
changing consumer preference in home design; (xi) shortages of or
increased prices for labor, land or raw materials used in housing
production; (xii) factors affecting margins such as decreased land
values underlying land option agreements, increased land
development costs on projects under development or delays or
difficulties in implementing initiatives to reduce production and
overhead cost structure; (xiii) the performance of our joint
ventures and our joint venture partners; (xiv) the impact of
construction defect and home warranty claims including those
related to possible installation of drywall imported from China and
the cost of investigation and remediation and availability of
insurance; (xv) delays in land development or home construction
resulting from adverse weather conditions; (xvi) potential delays
or increased costs in obtaining necessary permits as a result of
changes to, or complying with, laws, regulations, or governmental
policies and possible penalties for failure to comply with such
laws, regulations and governmental policies; (xvii) effects of
changes in accounting policies, standards, guidelines or
principles; or (xviii) terrorist acts, acts of war and other
factors over which the Company has little or no control.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law, we do
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
Beazer Homes USA (NYSE:BZH)
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