[January 03, 2006] Financial chief resigns amid investigations at Dublin, Ohio, homebuilder Tweet (Columbus Dispatch (Ohio) (KRT) Via Thomson Dialog NewsEdge) Dec. 31--Dominion Homes' chief financial officer has resigned amid investigations by state and federal regulators of the Dublin homebuilder's mortgage operations. Terrence R. Thomas will leave the company Jan. 6, 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. Thomas said yesterday that his resignation "has nothing to do with any investigations going on at Dominion Homes at this point.'' He did not say what he intends to do next. Dominion Chief Executive Douglas G. Borror was unavailable for comment yesterday. Senior Vice President Lori Steiner said yesterday that Thomas' resignation was "for personal reasons.'' At least two other Dominion managers have left the company since Tammi Nance Spayde, senior vice president of administrative services, left the company in late November. Dominion's sales manager, Jan Lewis Anderson, resigned in early December. 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. Borror said poor sales will cause 2005 annual earnings to be far below those of 2004. Dispatch reporter Jill Riepenhoff contributed to this story. [ Back To TMCnet.com's Homepage ]