H&R Block loss nearly doubles on mortgage weakness
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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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H&R Block Inc. HRB.N, the world's  largest tax preparer, on Tuesday posted a bigger-than-expected  quarterly loss as sales in its mortgage unit fell, and cut its  earnings forecast for the year.
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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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The tax preparerâs troubled mortgage lending arm offset a strong beginning of the tax season.
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Stock futures fell on Friday as a report that Merrill Lynch & Co  will incur mortgage-related losses of nearly twice what it forecast sparked more worries about the fallout from the housing slump.
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Mortgage foreclosures in the United States jumped to a record in the first half as rising interest rates and falling home prices battered homeowners.
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H&R Block Inc. , the largest U.S. income tax preparer, reported a quarterly net loss on Thursday, weighed down by the subprime mortgage unit it has put up for sale, but revenue from its tax and banking businesses rose sharply.
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The homebuilder said its fourth-quarter loss ballooned to $772.7 million as home sales slowed, prompting it to book charges to write down unsold inventory and for a tax allowance.
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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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U.S. stocks fell sharply on Thursday as worries about mortgage delinquencies hurt bank shares and a warning from home builder Toll Brothers Inc.  underscored weakness in the housing market.
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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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Asian share markets on Wednesday  tracked heavy losses on Wall Street on fears about an  intensifying crisis in U.S. mortgage lending, spooking  investors nursing losses from a sharp sell-off two weeks ago.
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Hurt by the housing slump, the home mortgage lender said  it lost $724 million in the fourth quarter.
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H&R Block Inc  on Thursday said 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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H&R Block Inc. , the largest U.S. tax preparer, on Thursday posted a fourth-quarter loss on the depressed value of a mortgage unit slammed by deterioration in the U.S. subprime market.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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NEW YORK - Billions in mortgage losses reported during the third quarter could be a prelude to even bigger losses in the fourth quarter, and two more financial institutions yesterday warned of substantial write-downs.