H&R Block Posts Loss on Mortgage Woes
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KANSAS CITY, Mo. -- H&R Block Inc. on Thursday cast new doubt on the pending sale of its troubled mortgage lending arm, saying it's trying to renegotiate sales terms as credit markets continue to deteriorate.
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JPMorgan Chase & Co  said on  Wednesday quarterly profit fell a worse-than-expected 24  percent as the No. 3 U.S. bank lost $1.3 billion on risky  mortgages and set aside more money for rising losses on  home-equity loans.
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U.S. stocks fell on Thursday as warnings of losses stemming from bad home loans by two of the top three U.S. subprime mortgage lenders hurt shares of home loan companies and banks like Citigroup Inc.
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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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Countrywide Financial Corp, the mortgage lender that agreed this month to be acquired by Bank of America Corp, posted a larger-than-expected $421.9 million quarterly loss on Tuesday, as more homeowners fell behind on payments.
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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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Tax preparer H&R Block Inc.  said the subprime mortgage unit it is selling has lost a credit line, lowering its borrowing capacity closer to the minimum needed for the sale to go through.
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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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One of the nationâs largest home builders posted a loss for its most recent quarter as it wrote down the value of its inventory.
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H&R Block Inc. HRB.N, the largest   U.S. tax preparer, on Thursday cut its full-year earnings   outlook and said its quarterly loss more than quadrupled, hurt   by an increase in mortgage delinquencies.
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The nationâs largest homebuilder posted a first-quarter loss of $128.8 million on charges to write off inventory and land values amid the continuing housing slump.
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Accredited Home Lenders Holding Co. , a California subprime mortgage lender, reported a fourth-quarter loss on Wednesday, hurt by worsening conditions in the market for loans to people with weaker credit histories.
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Top U.S. tax preparer H&R Block Inc  said on Thursday the borrowing capacity under its committed lines of credit might not be sufficient to meet its financing needs and it might need to issue added debt or equity securities to meet future requirements.
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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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The company reported a loss of $369.9 million in its fourth quarter, citing higher taxes, difficulty in its mortgage referral unit and costs for proposed spinoffs that would make five companies out of one.
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JPMorgan Chase & Co  said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity and auto loans.
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Upscale home builder Hovnanian Enterprises Inc  reported a quarterly loss on Thursday, a reflection of the deteriorating U.S. home market, but its shares rose as the results met Wall Street expectations.