Deja vu WorldCom and Enron anyone? Man, it's like this stuff was pre-written. Get out the paddywagons - here come the arrests (Toll, Mozilo, Karatz, McCarthy, the list could get big - just follow the money)...
FBI Investigating Beazer Homes - BusinessWeek Says Builder Beazer Homes Is Under Investigation; Stock Plunges in Late Trading
NEW YORK (AP) -- Shares of Beazer Homes USA Inc. plunged in Tuesday's aftermarket trading session following a report from BusinessWeek magazine that federal investigators have opened a broad criminal probe of the homebuilder's lending practices, a number of financial transactions, and other matters.
According to BusinessWeek, the North Carolina field offices of the FBI, the Internal Revenue Service, and the Justice Department have opened a joint investigation into Beazer.
FBI spokesman Ken Lucas told the magazine Beazer is being investigated for "all types of (potential) fraud associated with Beazer -- corporate, mortgage, investments."
I'd say tonight's news makes this warm and fuzzy "about us" Beazer profile a bit outdated, eh?
Beazer is a highly regarded industry leader, using technology to improve company efficiency and provide enhanced customer service to homebuyers. A model of financial strength and stability, Beazer Homes USA is listed on the New York Stock Exchange (NYSE: BZH).
38 comments:
Oh Snap!!
holy shinola:
cnnfn site:
NEW YORK (CNNMoney.com) -- U.S. crude futures spiked over $5 a barrel in electronic trading late Tuesday on rumors of heightened tensions in the Middle East.
U.S. light crude for May delivery jumped $5.18, or 12 percent, to $68.91 a barrel in electronic trading.
Both Reuters and one trader said the spike wasn't an electronic glitch, but what was causing the jump wasn't known.
The trader said various rumors were circulating in the market, including that Iran had fired on U.S. warships and that British commandos had mounted a rescue attempt of its captured sailors, but nothing had been confirmed.
Hey wait a minute I thought expensive oil prices were all because of Haliburton and Bush's "oil buddies".
WTF, now it's because of Iran?
Me so confused
I'll bet Beazer was the the only homebuilder to do something wrong....pause....NOT!
The feds should arrest 'em all tonight and send them to gitmo
A little water boarding for Toll and he'd squeal like a pig
The housing crash just got fun!
Investigate a company for daring to make profits.
We're one step closer to communism in this country.
Beazer is a highly regarded industry leader, using technology to improve company efficiency and provide enhanced customer service to homebuyers.
No way, Bob Toll is the king of the pump and dump. Beazer is a subslime pimp.
Anybody that calls themselves "Beazer" needs to take a beating like kids used to do at recess.
Crazy! More craziness:
Towels on Their Heads, Gunmen Shoot Mortgage President
The president of First Continental Mortgage opened his front door on Thursday morning to find a number of men with towels over their heads who proceeded to shoot him multiple times. Tires were heard screeching away as Michael G. Carvalho was left bleeding profusely, but still alive.
Tuesday, March 27, 2007
http://www.mortgageledger.com/
Story
He was president of First Continental Mortgage in Altamonte Springs (224 Ridgewood Street)
Wasn't it reported just a short time ago that Beezer was best positioned amongst the home builders?
After waiting for over two years for the housing crash to arrive, I would say it is here beyond my expectations. . .with 57K listings on the Phoenix MLS (see ziprealty.com) and no money for loans. . .can we say Ghost Town????. . .BTW - all those nice boats here in the SD yacht harbor from Phoenix are all for sale - I walked past a yacht sales place today, and 50% of boats were listed at "reduced price". . .yet another fallout of the housing crash.
ROTFLMAO
yea baby, yea!
There is an arrest warrant out for the CEO of Mortgage Lenders Network.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aY7NrKJ8qRUE&refer=home
Was Beazer a Muppet? or was it Beaker?
Beazer Homes USA Inc. (BZH) said in a statement that it "can not comment on or verify any investigation," following a report in the Charlotte Observer that federal authorities have launched a criminal inquiry into the company's business practices, including its role in arranging mortgage loans for buyers in its subdivisions.
Wait for the sanctions against Iran to work. They should have waited for the UN arms inspections and Niger uranium document analysis to begin with.
Boiled potatoes were cheap food for the neuvo-bankrupt home flippers. In the 1930's some had to boil their shoes. A third of the nation was hungry after bad investing.
More cries of fraud as the 2-yr ARM's reset, then if that was not bad enough, the 5 yr ARM's to come.
Balloon notes with falling prices was part of what caused the great depression. In 2005 no interest loans were at the highest level since the beginning of the great depression.
The most unsold inventory in 16 years. Was there a recession 16 years ago? Close to it.
Fast forward 19 months to the trials: "We didn't know what we were doing, honest!"
Let us short this pig until it goes to ZERO! LOL.
Woowee! My BZH Jan08 LEAPS puts are now huge in the money. If this after-hours rout holds, I'll be up near 5X on my investment. Sure glad I held my housing puts (bought July 2005) during the fake-out rally right-shoulder that was mid/late 2006. Those charts are UGLY!
Anyone care to speculate on how BZH will play out over the next few days/weeks? I'm seriously tempted to sell my puts into the panic open tomorrow. But my research and gut knows that all housing stocks are going to tank off their right-shoulders, so there may be more to gain by waiting just a bit longer.
Thanks HP, for keeping the faith during the bull-trap rally. Now, let's eat those bulls for lunch!
Its about time the FBI investigated the Builders .
Does anybody think that this cash-back incentive BS was legal.
My guess is that the loan packages were a violation of some law.
The bottom line is that you just can't give away a bunch of items of value and still get the same higher appraisal and same 100% sub-prime financing . Yes I know the builders were between a rock and a hard spot, but you can't cheat the final bagholders .
I think the IRS should be very interested in "gifts" that were given to get a sale .
I wanna see a perp walk.
I am shocked, shocked that a builder during the boom would stoop to such indiscretions. What next--realtors lying, people falsifying loan aps? Mortgage companies complicit? Well HP'ers none of us are surprised, but there are pleny of twits this late in the day that are surprised by this and will profess amazement at the rest of events that will attend this ongoing bust......Its only going to get better.
watch all and get forewarned again:
http://www.paperdinero.com/BNN.aspx?id=125
New Today! The “Dire State of Housing” with Professor Robert Shiller
Shiller discusses housing and, in particular, what the S&P/Case-Shiller index as well as the housing futures are now telling us about the current and future state of the nations housing markets. As usual, Shiller does an excellent job… plain spoken, reasoned and with an eye toward historical precedent rather than future speculation.
Originally aired on: 3/27/2007 on Bloomberg
Running Time: 4 minutes 43 seconds
New Today! Lennar, Beazer and the Housing Bust Continues
The Nightly Business Report’s recap the numerous ugly housing related events that transpired during the day including Lennar’s dropping of all remaining 2007 earnings guidance and as well as FBI’s fraud investigation of Beazer homes related to foreclosures and lending.
Originally aired on: 3/27/2007 on Nightly Business Report
Running Time: 4 minutes 15 seconds
Am I wierd because I'm laughing and not crying? Burn baby burn!
Industry leader; financial strengh, etc... Im sure their web site is pretty too.
F'n losers! Each and every one of them.
POP goes the Beazel !
"Am I wierd because I'm laughing and not crying? Burn baby burn!"
No, you are not wierd.
(Burn baby burn)
(Burn baby burn)
(Burn baby burn)
(Burn baby burn)
To my surprise, one hundred storeys high
People getting loose y'all, getting down on the roof
Folks are screaming, out of control
It was so entertaining when the boogie starts to explode
I heard somebody say
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
Satisfaction came in a chain reaction (burnin‘)
I couldn't get enough, so I had to self-destruct
The heat was on, rising to the top
Everybody is going strong, and that is when my spark got hot
I heard somebody say
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
Up above my head
I hear music in the air
That makes me know
There's a party somewhere
Satisfaction came in a chain reaction (burnin‘)
I couldn't get enough, so I had to self-destruct
The heat was on, rising to the top
Everybody is going strong, and that is when my spark got hot
I heard somebody say
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
(Burn baby burn) Disco Inferno
(Burn baby burn) Burn that mother down
(Just can't stop) When my spark gets hot
(Just can't stop) When my spark gets hot
'I think the IRS should be very interested in "gifts" that were given to get a sale.'
Is there a tax on Realtwhores hitting their knees?
"Am I wierd because I'm laughing and not crying? Burn baby burn!"
Laughing? I'm blasting a load to this bloodbath.
It was all about high pressure sales. Get the realtwhore, the broker and the banker all together and push a mortgage product that is to good to be true and you have meltdown. You get the sucker in the house, have staged kids playing games and watching TV and it's all to good to resist. Especially with that low monthly payment.
The buyer to focuses on the first month's low payment and then head for the hills by the time the next months payment comes due, which of course is higher and continues higher every susequent month.
This was the game plan for an industry now in major meltdown.
What are we going to do put all these people in jail? UGH!
Hmmm and yet prices are down a whopping 3% two years after the peak.
W
O
W
!
1
1
"Hmmm and yet prices are down a whopping 3% two years after the peak.
W
O
W"
Real estate prices are always sticky on the way down. As inventories are added this spring and properties that have had the mortage defaulted upon come onto the market in late summer going forward (see the Senate testimony and Fed texts to see the amount of questionable mortgage loans that with re-setting interest rates in 2007 and 2008), more inventories with fewer qualified borrowers(translation - truly qualified borrowers or as we say in the REAL lending business "applicants who have a little more ass in the saddle" and not the folks who only shave twice a week) will translate to prices being negotiated lower.
Foreclosures are up 80% in California and 97% in Florida. Foreclosure sales are not counted by NAR, but are usually 20-30% off comps.
1:47,
That's what was supposed to happen summer '06, and fall '06 and winter '07. Every season you renting fools say "just wait until (fill in season) and you'll see".
And here we are after supposedly horrible summer, fall and winters and prices are still down only 3% from the peak.
I'll predict that in 3 months prices will still only be down 3% and you numbskulls will be waiting with glee for the summer crash to start.
If it gives you something to do, OK everyone needs a hobby.
The deals are in the foreclosures where some loser homedebtor ends up living in a cardboard box. The banks and homedebtors lose while the patient renter grabs a bargain.
All those morons who ended up in foreclosure found out the hard way that real estate doesn't always go up. It was all lies from realtors and brokers
Wow. Stumbled on this site to unsubscribe from mortgageledger.com spam. You guys sound like junior high schoolers in the cafeteria.
"Oh Snap" are you serious?!
god...
Please, this country needs you. The USA...keep it alive!
Don't be so...sigh...if I have to explain...
If you aren't part of the solution, you're part of the problem.
Vent all you want about my post, but I won't see it...I just hope that i can save at least one life...
http://www.bobbruss.com/about.aspx
http://en.wikipedia.org/wiki/Think_and_Grow_Rich
Get off your computer, be good landlords, good agents, good parents, good children to your mom and dads, as messed up as they must be from what I see here. Stop whining.
Have a nice life. really, think about it...
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