H&R Block says it may need more financing
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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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The stock looks reasonably valued but some core businesses are struggling to grow.
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The timing for H&R Block Inc's  plan to exit the subprime mortgage business is fluid, and the company hopes to know by year-end whether its deal to sell the operations to Cerberus Capital Management LP will go through as planned, H&R Block's chief executive said.
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H&R Block Inc , the largest U.S. tax preparer, said on Thursday that its quarterly loss had more than doubled and that it had begun discussions with Cerberus Capital Management to modify the sale of its Option One Mortgage Corp. subprime mortgage unit.
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Mortgage company raises financing using mortgages as collateral.
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New Century Financial Corp. , whose shares fell 25 percent on Thursday amid speculation it would seek bankruptcy protection, said it has received $265 million in financing, but stopped accepting loan applications after some lenders blocked its credit lines.
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At a Senate Banking Committee hearing yesterday, legislators and consumer advocates prodded federal banking regulators to move more quickly to put restrictions on non-traditional mortgage lending, because, they said, the new kinds of mortgages may place borrowers and lenders at financial risk.
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H&R Block Inc.,  the largest  U.S. income tax preparer, said on Tuesday that it expects to  delay filing its quarterly results with regulators after  turmoil in the subprime mortgage market forced it to write down  assets at its Option One Mortgage Corp. unit.
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New Century Financial Corp. , whose shares fell 25 percent on Thursday amid speculation it would seek bankruptcy protection, said it had received $265 million in financing, but was not accepting loan applications after some lenders blocked its credit lines.
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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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A wave of foreclosures could be prevented if the largest federal home-ownership program were open to more delinquent borrowers, according to a study being mulled by the nation's largest mortgage investor group.
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With the economy on shaky ground right now, some investors are predicting that private funding for high-tech companies could soon tank. But others disagree vehemently, arguing that investors should not be so quickly scared off.
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Treasury Secretary John Snow said on Thursday that future revisions to the US tax code would likely feature more write-offs to capital purchases by businesses.
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H&R Block Inc. , the largest U.S. tax preparer, on Thursday said its quarterly loss nearly doubled, hurt by weakness in its mortgage operations.
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The venture capital industry is worried that a proposed increase in taxes on carried interest would hurt their ability to fund start-up companies.
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Citigroup Inc  and other banks  could find themselves burdened with affiliated investment  vehicles that issue 10s of billions of dollars in short-term  debt, the Wall Street Journal said in its online edition on  Wednesday.
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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.