PHH, Saxon Delay Financial Reports

Two publicly traded mortgage lenders -- one prime, the other subprime -- are delaying financial disclosures because of valuation and accounting concerns.PHH Corp., Mt. Laurel, N.J., which owns the nation's 10th-largest servicer, said it will not file its annual 10-K statement with the Securities and Exchange Commission on March 16 as originally scheduled. At MortgageWire's deadline on Thursday, PHH's shares were trading down 16%, at $24.17. Fitch Ratings placed the company on Rating Watch Negative. PHH gave several reasons for the holdup, saying it needs more time to document and analyze goodwill, intangibles, and "certain tax assets." Meanwhile, Saxon Mortgage, Glen Allen, Va., a top-40-ranked subprime funder, is delaying is fourth-quarter and full-year results for several weeks as management reviews its application of Statement of Financial Accounting Standards No. 133, accounting for derivatives and hedging.