Brokerage firm Stifel Nicolaus has downgraded subprime lender Accredited Home Lenders, San Diego, from "hold" to "sell."The downgrade came a few days after the publicly traded Accredited said it will delay its annual 10-K filing with the Securities and Exchange Commission, adding that income for 2006 will likely be $100 million less than in 2005, when it earned $155 million. Accredited, a nondepository, said the delay in filing its annual 10-K is caused by its purchase of Aames Financial, another subprime lender. The integration of Aames into Accredited has slowed the company's reporting, it told the SEC. According to the Quarterly Data Report, Accredited is the nation's 13th-largest subprime funder. In trading Monday, Accredited's share price was down 20%.
-
Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
1h ago -
Test your knowledge of the biggest mortgage headlines of the week. No. 2 pencil not required!
7h ago -
The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
May 9 -
The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
May 9 -
Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
May 9 -
Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9