H&R Block Posts Loss on Mortgage Woes
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.
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H&R Block Inc , the largest U.S. tax preparer, said it was trying to renegotiate the sale of its Option One Mortgage Corp unit and would get out subprime lending after its quarterly loss more than doubled.
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H&R Block Inc. , the largest  U.S. tax preparer, on Thursday said its quarterly loss nearly  doubled, and was larger than analysts expected, as the  struggles of its mortgage lending arm worsened.
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U.S. stocks slid on Thursday as worries about bad mortgage debts hit bank shares and a warning from home builder Toll Brothers Inc.  reignited concern about weakness in the housing market.
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The mortgage lender posted a fourth-quarter loss of $509.1 million as it raised its loan-loss provisions to account for growing defaults and foreclosures.
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H&R Block Inc said on Thursday the sale of its Option One Mortgage Corp. subprime lending unit may fall apart, as credit markets deteriorate and after its quarterly loss more than doubled.
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Bank of America reported quarterly results Tuesday that fell short of Wall Street expectations, hurt by a mortgage-related writedown worth more than $5 billion.
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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Countrywide Financial Corp ,  the largest U.S. mortgage lender, posted a $1.2 billion  third-quarter loss on Friday, hurt by write-downs as the U.S.  housing market deteriorated.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , on Tuesday posted a fourth-quarter loss, hurt by mounting defaults in a sinking housing market.
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LOS ANGELES -- Countrywide Financial Corp., the nation's largest mortgage lender, said Tuesday it swung to a loss in the fourth quarter due to rising loss provisions and impairment charges as more borrowers fell behind on mortgage payments. The earnings fell well short of Wall Street estimates.
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H&R Block Inc  said on Thursday it is renegotiating the sale of its money-losing Option One Mortgage Corp subprime lending unit to Cerberus Capital Management LP, casting doubt on the largest U.S. tax preparer's ability to complete the transaction.
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Countrywide Financial Corp , the battered mortgage lender being acquired by Bank of America Corp , posted a $421.9 million fourth-quarter loss on Tuesday, hurt by mounting defaults in a sinking housing market.
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Top U.S. tax preparer H&R Block Inc  said on Thursday its borrowing capacity may not be sufficient to meet its financing requirements and it may have to issue additional debt or equity.
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H&R Block Inc. HRB.N on Thursday cut   its full-year earnings outlook and said its quarterly loss more   than quadrupled because of rising mortgage defaults.
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H&R Block said yesterday that the sale of its subprime lending unit, Option One Mortgage, might fall apart as credit markets deteriorate.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.