Beazer To Refund Millions To NC Borrowers

A borrower pays a discount point to get an interest rate lower than the prevailing market rate, thus getting a lower monthly payment. The banking commissioner's office said it did not believe Beazer's discount points worked this way.

Last September, Beazer reached a settlement with the Securities and Exchange Commission, ending the agency's investigation into the company's business practices without fines or penalties.

In July 2007, the SEC made formal an inquiry aimed at determining whether the company had violated any securities laws.

Beazer's shares were down 6 cents at $2.75 in late afternoon trading Tuesday.