LendingTree Writedown Hammers IAC's Q4 Results

The LendingTree posted a stunning $502 million loss in the fourth quarter, compared to a net profit of $14 million a year ago. The company's publicly traded parent, IAC/Interactive Corp., New York, wrote down the value of the loan brokerage unit by $452 million in the fourth quarter. In a statement IAC chairman Barry Diller said, "Lending continues to be negatively impacted by the mortgage crisis." IAC, which calls itself an "interactive commerce" company, is in the process of spinning off some of its divisions, including the LendingTree. The company blamed the poor performance on "fewer loans sold in the secondary market."