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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (46429)	12/31/2005 12:53:08 AM
From: mishedlo	Respond to of 306849

Is the FBI involved yet? Well YES, in Ohio anyway Dominion Homes CFO resigns during government investigation By Mike Pramik The Columbus Dispatch Friday, December 30, 2005 11:28 AM Dominion Homes' chief financial officer has resigned amid investigations by state and federal regulators of the Dublin homebuilder over its mortgage operations. Terrence R. Thomas will leave the company next Friday, Dominion said in a filing with the Securities and Exchange Commission. Thomas, who also held the title of senior vice president of finance, joined Dominion in mid-2004. Dominion has been under fire recently for the abnormally high default rate on mortgages people used to purchase some of Dominion's houses. Dominion Homes Financial Services has the fourth-highest rate of default by borrowers to whom it issued government-backed loans. The Ohio attorney general's office has subpoenaed records regarding mortgages of homes in Dominion's Galloway Ridge development on the Far West Side. The U.S. Department of Housing and Urban Development also is looking into Dominion's mortgage practices. In his role as chief financial officer Thomas was responsible for reporting the homebuilder's financial status to Wall Street. Dominion's third-quarter earnings per share of 14 cents were down 84 percent, causing an analyst to downgrade the company's stock. Dominion Chief Executive Douglas G. Borror said poor sales will cause 2005 annual earnings to be far below those of 2004. dispatch.com