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October 17th, 2008
04:27 PM ET

Culprits of the Collapse – #5 Beazer Homes


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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#5 on our list: Beazer Homes USA. CNN's Gary Tuchman reports.

soundoff (5 Responses)
  1. Fred

    I agree with Ex Beazer Employee. If you can't afford it, don't buy it. I don't like to see anyone lose their home. It can strain a marriage and to say nothing of what it does to children. But we are this juncture because people got greedy and took their eyes off the prize.

    There is nothing better than to live in a manner that is comfortable and secure. So what happened? If your sitting in a lenders office drunk with the prospect of buying your dream home, but the lender has to "cook the numbers" so that at least on paper it appears you can afford it. SOBER UP! That was your first clue.

    I have friends who are currently unemployed, who were in the business of Real Estate, either in lending, escrow, title, etc. who are losing everything! Why? Because even though they made more money in the last 5 years than I've made in the last 20, they saved none it. They did have some really nice Harley's, and Hummers and huge homes and great vacations. I was so jealous.

    No one wanted to believe the bubble would burst. Apparently, they were victoms of short term memory. Remember the dot com era? Who thought that stairway to heaven would end?

    October 17, 2008 at 8:52 pm |
  2. Teena

    I doubt there was a gun to anyone's head when they signed their mortgage papers to buy that home they knew was too expensive. Shame on the sellers and the buyers. They are all right where they belong – too bad the rest of us are sinking with them!

    October 17, 2008 at 8:52 pm |
  3. Greg

    Crooks. We need to educate the people as well so they don't get in this mess.

    October 17, 2008 at 7:45 pm |
  4. Ex Beazer Employee

    As an ex Beazer Homes Sales person, I have to ask: "Why" is Beazer being singled out when all major new home builders with forced in-house mortgage lending were also doing the same? I personally saw buyers willing to sell their mothers to get in on the new home buying frenzy, (because they thought they were going to make a HUGE profit, and were willing to do whatever it took to get in on the buying frenzy..) and now they are all crying that the Builder screwed them??? Did the buyers who made $50,000 to $100,000 or more instant profits per home give any back to the builder?? (And where are the interviews with those buyers?) I am of course saddened to hear stories of a few buyers that didn't have a clue of what they were doing- but I am here to tell you that it was the buyers who were profit crazed and willing to sell their own mother to get in on the “deal” (and later lost..) that have to take a lot more of the responsibility!

    October 17, 2008 at 7:44 pm |
  5. David

    The executives need to go to jail and personally pay damages

    October 17, 2008 at 6:21 pm |