From the Charlotte Observer:

Beazer Homes USA, formerly a major Charlotte-area builder, on Monday revealed more problems in its recently closed mortgage unit and said it suffered heavy losses last year as the housing market faltered.

Since last year, the Atlanta homebuilder has been the subject of federal investigations triggered by Observer reports that the company arranged loans some buyers couldn’t afford and violated federal lending rules.

In February, Beazer closed its national mortgage unit — a business in which it said employees violated federal housing regulations. Beazer has said lending misconduct was related to down payment assistance.

Monday, Beazer said other “areas of concern” with its lending included the charging of discount points, and the payment of real-estate agent bonuses and decorator allowances on mortgages dating to at least 2000.

and:

Beazer also announced that it had restated several years of earnings, resulting in net gains. The company said there had been “material weaknesses in its internal control over financial reporting.” Investors rely on financial statements to judge a company’s health. Last June, the company fired its chief accounting officer, in part because an internal investigation found he had attempted to destroy documents.

The company delayed financial reports last year as it worked on the restatement. On Monday, Beazer said it lost $411 million in the year ended Sept. 30, compared with earnings of $369 million a year earlier. The losses included nearly $612 million for writing down the value of inventory and abandoning land options. Sales sank to $3.49 billion, down 35 percent from $5.36 billion the previous year.

Beazer said it will file financial reports for the last two quarters by Thursday.

The company, like many builders, has scaled back sharply amid a severe housing downturn. Beazer has halved its work force and exited several markets, including Charlotte.

More signs of trouble for the Atlanta-based homebuilder.