Building Woes for Beazer

The ouster of its accounting officer "suggests there could be corporate involvement" in a lending scandal, according to one analyst

As if mounting defaults on subprime mortgages, tighter credit standards, and bloated inventories of unsold homes weren't problems enough, Beazer Homes USA (BZH) has another mess on its hands. After the market close on June 27, the sixth largest residential homebuilder in the U.S. said it had fired its chief accounting officer, Michael Rand, for attempting to destroy documents, a violation of the company's document retention policy under its code of ethics.

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