ECC Capital Corp., a real estate investment trust based in Irvine, Calif., has announced that it will reduce its previously reported loss for the first half of 2005 by $6 million to $8 million.ECC, a REIT that originates nonconforming mortgage loans, took a $41.38 million loss (primarily on derivatives) in the first half. ECC said it will be restating its earnings for the period primarily as a result of revisions in the value of derivatives used to hedge its funding costs, which are based on the London interbank offered rate. The company said it plans to release its earnings for the third quarter (and the first nine months of the year) after the market close on Nov. 10.
Processing Content
