H&R Block falls as mortgage unit loses credit line
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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. , 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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H&R Block Inc. , the largest U.S. tax preparer, posted a fourth-quarter loss on Thursday, as the deterioration of the U.S. subprime market hurt the value of its mortgage business.
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H&R Block Inc , the largest U.S. tax preparer, said on Tuesday it will fire 575 workers at its Option One Mortgage Corp subprime lending unit, on top of 615 job losses announced on May 15.
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Stocks fell on Tuesday as the housing slump took a toll on companies' earnings outlooks, while trouble in the subprime mortgage market hurt financial companies' shares.
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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 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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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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Applications to buy and refinance  homes dropped last week, an industry trade group said on  Wednesday, the latest sign that U.S. housing remains mired in a  downturn.
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The bigger-than-expected write-down of its mortgage portfolio led to a quarterly loss of $859 million, the bank said.
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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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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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The discount broker posts a loss as mortgage-related losses mount.
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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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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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Plans for a London building designed by Zaha Hadid have been dropped as a result of the credit crunch that began with the subprime mortgage collapse.
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Applications for U.S. home mortgages  fell in the last week as mortgage rates edged higher and  refinancing applications fell, an industry group said on  Wednesday.