Accounting

• Fannie, Freddie disclose subpoenas, investigations

  WASHINGTON - Adding to their woes, mortgage finance giants Fannie Mac and Freddie Mac are facing a federal grand jury investigation into their accounting practices.

   

• Lobbyist for Big Builders Says Tax Carry-Back Not Dead

  A number of senators say they support the net-operating loss carry-back provision.

   

• Dominion Buyout Approved

  A merger agreement was approved earlier today that allows a buyout group to acquire the financially troubled home builder.

   

• Standard Pacific Plans Major Recapitalization

  The proposal must be approved by shareholders.

   

• Beazer Files 1st and 2nd Quarter Financials

  Late filing shows Atlanta builder recorded a $138 million loss in Q1 and $230 million in Q2.

   

• Freddie Mac Dramatically Shrinks Losses

  Mortgage firm loses $151 million in 1Q, compared to $2.5 billion in 2007’s final quarter.

   

• Toll: Buyers on Sidelines

  Revenue down by 30 percent at luxury builder, where closings also slid 28 percent, according to preliminary 2Q results.

   

• Beazer Restates Earnings

  Amended financials show a $27.6 million gain for public builder for fiscal years 2003 to 2006. But the restatement couldn’t offset the company’s $411 million loss in fiscal 2007.

   

• Orleans Closes Quarter with $55.7M Loss

  Pennsylvania-based company reports $55.7 million net loss.

   

• Standard Pacific Awaits Waiver Extension

  Struggling public builder loses $216.4 million in Q1.

   

• Avatar Reports First Quarter Loss

  The Coral Gables, Fla.–based company lost $556,000, or $0.07 cents per share, in the quarter ended March 31, it reported.

   

• Fannie Mae Loses $2.2 Billion in 1Q

  Mortgage giant forecasts national home price declines between 7 percent and 9 percent for 2008

   

• WCI Revenue Plunges 59.5 Percent; Company Reports $84.1 Million Loss

  CEO Jerry Starkey calls it "a very tough and very disappointing quarter" for Florida-based builder.

   

• D.R. Horton Reports $1.3 Billion Loss in Q2

  Texas-based builder plans to conserve cash, and build through land holdings.

   

• Weyerhaeuser Loses $148 Million

  Company leader Dan Fulton says housing downturn has had a "devastating impact" on the forest products company's overall performance in 2008's first quarter.

   

• Centex Loses $2.66 Billion in FY2008

  Builder closed more than 27,000 homes last year, plans to continually evaluate its assets for best return in current market.

   

• M/I Reports $22.1 Million Loss

  Determined CEO discusses consumer confidence, rejects notion that new-home prices can’t go much lower.

   

• Meritage Loses $45 Million in Q1 of 2008

  Public builder says it has significantly reduced debt and inventory.

   

• The Ryland Group Notes Some "Bright Spots"

  National builder offers up some positive news during its earnings update.

   

• NVR Reports $43.5 Million in Net Income

  New orders down 30 percent in 2008’s first quarter.