Beazer Homes, currently one of the building industry's bigger basket cases, is closing down its in-house mortgage arm in favor of a strategic alliance with Countrywide. From a CNNMoney.com story:
Homebuilder Beazer Homes USA Inc. said Friday it will no longer originate mortgages and will offer its buyers mortgage services through Countrywide Financial Corp.
It will be interesting to see if and how many other builders follow suit. The company is also exciting several markets, including the Carolinas, where some of its troubles with its mortgage subsidiary first started:
Beazer will pull out of Charlotte, N.C.; areas around Cincinnati, Columbus and Dayton, Ohio; Columbia, S.C.; and Lexington, Ky. A timetable for the exit in those markets was not specified.
Friday, February 1, 2008
Beazer exiting mortgage biz
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