Is That Accredited on My Windshield??
Countrywide says foreclosures at 5-yr highs may hurt earnings...
New Century subpoenaed (to be delisted) and Accredited Home Lenders (LEND) seeking debt waivers and down 52% this morning...
The subprime lenders said it has paid $190 M in margin calls on loan facilities since January 1 as lenders demand more collateral. It said it received two-thirds of those margin calls since February 15.
The company ended 2006 with $345 M of available liquidity. It didn't say how much it now has. Accredited said it may try to raise additional capital.
In addition, the company said it is unlikely to meet the extended March 16 deadline to file its annual report with the U.S. Securities and Exchange Commission.
It is still determining whether to write down some of the value of Aames Investment Corp., a Los Angeles subprime lender it bought last October 1.
Accredited in Q4 posted a net loss of $37.8 M, as revenue declined 60%.
New Century subpoenaed (to be delisted) and Accredited Home Lenders (LEND) seeking debt waivers and down 52% this morning...
The subprime lenders said it has paid $190 M in margin calls on loan facilities since January 1 as lenders demand more collateral. It said it received two-thirds of those margin calls since February 15.
The company ended 2006 with $345 M of available liquidity. It didn't say how much it now has. Accredited said it may try to raise additional capital.
In addition, the company said it is unlikely to meet the extended March 16 deadline to file its annual report with the U.S. Securities and Exchange Commission.
It is still determining whether to write down some of the value of Aames Investment Corp., a Los Angeles subprime lender it bought last October 1.
Accredited in Q4 posted a net loss of $37.8 M, as revenue declined 60%.
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