Embattled builder Beazer Homes(BZH Quote) plans to send its mortgage business to another struggling company: Countrywide Financial(CFC Quote).
Beazer, an Atlanta-based homebuilder slammed by the housing downturn and investigations into its mortgage practices, said Friday that it will exit the mortgage-origination business. In turn, the company has signed a marketing deal with Countrywide that will make the lending giant the preferred mortgage provider for Beazer customers.
Countrywide, itself ravaged by increasing loan defaults, is set to be acquired by Bank of America(BAC Quote).
"Given the increasing complexities in mortgage financing today, we believe working with an established leader in mortgage lending makes the most sense for our homebuyers and our business," said Beazer President and CEO Ian McCarthy. ...
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