Lone Star closes on Accredited purchase Oct 13, 2007
Texas private equity firm Lone Star completed its $295 million purchase of struggling subprime mortgage firm Accredited Home Lenders. Lone Star paid $11. (San Diego Union-Tribune -- Business)
Lone Star to complete takeover of Accredited this week Oct 9, 2007
Lone Star buys Accredited Home Lenders Lone Star to complete takeover of Accredited Home Lenders this week ... A Texas private equity firm said this weekend that it expected to complete its takeover of struggling Accredited Home Lenders by Thursday, ending a bizarre buyout saga for the San Diego subprime mortgage lender. (San Diego Union-Tribune)
Stocks of the Week Oct 9, 2007
When you crack open the company's 10-K filing, you don't have to read too far to get to the word "subprime." Currently, it really doesn't matter what "subprime" refers to -- just the mention of it as part of your business model is enough to make many investors think of Accredited Home Lenders (Nasdaq: LEND) and Bear Stearns (NYSE: BSC) and say, "Not for me!". In fact, CPS is involved with subprime lending in the auto market -- not the housing market, where all the recent trouble has been. (MSNBC -- Business)
HSBC Puts Down Subprime Unit Sep 23, 2007
And Accredited Home Lenders (nasdaq: - - ) of San Diego salvaged a deal to sell itself to Lone Star Fund earlier this week, but only after it agreed to lower the terms to $11. 75 a share from an original offer of $15. (Forbes -- Business)
HSBC to Close US Subprime Mortgage Unit, Cut Jobs (Update4) Sep 22, 2007
Lehman Brothers Holdings Inc., the largest U.S. underwriter of mortgage-backed bonds, said this week the global credit shortage is easing even as smaller rivals Accredited Home Lenders Holding Co. and Impac Mortgage Holdings Inc. said they're being driven out of residential lending. HSBC Finance Corp., the U.S. unit of HSBC, will incur a charge of $65 million in the second half, the company said. (Bloomberg)
Bernanke To House: We're On It Sep 21, 2007
Accredited Home Lenders (nasdaq: - - ) was up 4 cents, or 0. 4%, to $11. (Forbes -- Business)
Stocks Bask in the Post-Fed Glow Sep 21, 2007
Accredited Home Lenders Holding Co. (LEND) and private equity firm Lone Star amended their June 4 merger agreement to settle the pending lawsuit between the companies and reduce the price at which Lone Star agreed to acquire all of the common stock of Accredited to $11. 75 a share. (MSNBC -- Business)
Markets Send Mixed Messages Sep 20, 2007
The stock price of mortgage company Accredited Home Lenders (nasdaq: - - ) also soared Wednesday on news it had come to terms on a sale to private equity group Lone Star, settling a legal dispute that arose when Lone Star tried to walk away from the deal on account of the sharp decline in the mortgage business. (See: ). (Forbes)
Lender's Price Is Cut Rate Sep 20, 2007
September 20, 2007 -- Struggling subprime mortgage lender Accredited Home Lenders agreed to be acquired by Lone Star Funds at a sharply reduced price, putting an end 00004000 to a bitter legal dispute. Accredited, based in San Diego, sued Lone Star in August after the Dallas-based private-equity fund tried to pull its 400 million takeover offer by saying it was worried about the lender's viability as the credit crunch intensified. (New York Post -- Business)
ACCREDITED LOSES $260M Sep 19, 2007
September 19, 2007 -- Accredited Home Lenders Holding Co. posted a first-quarter loss from a profit a year earlier as the U.S. subprime mortgage lender faces closing more than half its operations and f 00004000 iring about 1,600 people. The San Diego-based lender lost 260 million, or 10. (New York Post -- Business)
Accredited warns of deepening woes as it swings to loss Sep 19, 2007
SAN DIEGO Accredited Home Lenders Holding Co. said Tuesday it may be unable to resume making home loans in the U.S. after swinging to a first-quarter loss. The disclosures, in a delayed quarterly filing with the Securities and Exchange Commission, came a month after the subprime mortgage lender said it would cut its work force by more than half and stop accepting new mortgage applications in the U.S.. (San Diego Union-Tribune -- Business)
Subprime crisis deepens for 2 U.S. lenders Sep 19, 2007
The U.S. mortgage lending crisis deepened Tuesday, as Impac Mortgage Holdings said it would quit most lending activities, while Accredited Home Lenders Holding posted a big quarterly loss and said its survival remained in doubt. The announcements came a day after another struggling lender, NovaStar Financial, gave up its real estate investment trust status sooner than expected because it could not pay a $157 million dividend to keep it. (International Herald Tribune -- Business)
Countrywide update much awaited Sep 18, 2007
Among independent firms that pursued the riskiest practices, only three Impac Funding, Accredited Home Lenders and NovaStar Financial haven't fully closed, been sold or sought bankruptcy protection, his research found. Of the 10 largest lenders, just two Countrywide and HSBC pursued policies that were more aggressive than industry norms, SMR Research found. (USA Today -- Money)
Hot Stocks You're Buying Now Sep 15, 2007
Accredited Home Lenders. (Nasdaq: LEND). (MSNBC -- Business)
Forecast: U.S. is on the brink of a recession Sep 12, 2007
Accredited Home Lenders Holding Corp., based in Carmel Mountain Ranch, recently announced 1,600 layoffs, including nearly 200 from its headquarters. "Everybody thinks that Orange County is the epicenter of the subprime crisis as it relates to job loss, but San Diego is right up there as well," Ratcliff said. (North County Times)
Matt Krantz on stocks Sep 11, 2007
Accredited Home Lenders: Not a sure bet - USATODAY.com ... Accredited Home Lenders: Not a sure bet ... Q: Is Accredited Home Lenders a good buy if it's able to force Lone Star Funds to buy it at $15. (USA Today -- Money)
Countrywide Cuts May Lead to 20 Percent Decline in Mortgage Industry Jobs Sep 10, 2007
San Diego-based Accredited Home Lenders Holding Co. eliminated 1,600 positions; IndyMac of Pasadena, California, 1,000; Cleveland-based National City Corp., 1,300; and NovaStar Financial Inc. of Kansas City, 775. Bear Stearns Cos. (Bloomberg)
Lehman Brothers, National City Scale Back Mortgage Businesses Sep 7, 2007
Lehman Brothers and National City join many of the country's biggest mortgage lenders in laying off workers to shrink operations, including Countrywide Financial Corp., NovaStar Financial Inc., Accredited Home Lenders Holding Co., and the now bankrupt American Home Mortgage Investment Corp.. A study by Challenger Gray & Christmas earlier this week concluded mortgage layoffs were the primary cause of an 85 percent surge in corporate layoffs last month. (San Diego Union-Tribune -- Business)
China Bank's Timing, Subprime's Move, MetroPCS's Offer Sep 6, 2007
Accredited Home Lenders Holding Corp., battling suitor Lone Star Funds in court, gained 7. 1 percent. (Bloomberg -- Columnists)
Mortgage Market Woes Takes Toll on Jobs Sep 5, 2007
More than 13,000 jobs were lost at Accredited Home Lenders, BNC Mortgage, Sun Trust, First Magnus, Countrywide and Capital One. "The mortgage industry (has) basically told their loan officers and call centers representatives to simply stop taking calls," Challenger reported. (RealtyTimes)
Revival in M&A, U.S. IPO Risks, Credit Raters' Losses: Timshel Sep 5, 2007
Even before Accredited Home Lenders Holding Corp. rejected a revised buyout bid from Lone Star Funds last week, shares of the subprime-mortgage lender rose as much as 8. 6 percent above the proposed price. (Bloomberg -- Columnists)
Sunday Business Sep 2, 2007
Struggling subprime mortgage company Accredited Home Lenders yesterday rejected the latest bid from Lone Star Funds and said it would continue to fight the Texas private-equity firm in court over the. . (New York Post -- Business)
Accredited Rejects Lone Star Offer, Pursues Lawsuit (Update1) Sep 1, 2007
Aug. 31 (Bloomberg) -- Accredited Home Lenders Holding Co., the mortgage provider that last week closed half its operations, rejected a reduced buyout bid from Lone Star Funds and said it will pursue a lawsuit seeking the original price. Lone Star offered late yesterday to buy San Diego-based Accredited for $8. (Bloomberg)
Accredited Defies A Suitor Sep 1, 2007
September 1, 2007 -- Struggling subprime mortgage company Accredited Home Lenders yesterday rejected the latest bid f 00004000 rom Lone Star Funds and said it would continue to fight the Texas private-equity firm in court over the deal. The move came after Lone Star slashed its takeover offer for Accredited by 44 percent to 214 million late Thursday amid mounting problems at the mortgage company. (New York Post -- Business)
Accredited shuns new buyout bid as no deal Sep 1, 2007
Accredited Home Lenders yesterday rejected a Texas private equity fund's revised, lower offer to purchase the ailing San Diego subprime mortgage company, opting instead to continue with a lawsuit aimed at forcing the deal at the original $400 million price. An affiliate of Dallas-based Lone Star Funds has been trying for weeks to wriggle out of its June 4 tender offer to acquire Accredited for $15. (San Diego Union-Tribune -- Business)
Subprime lender lays off 63 in West Chester Sep 1, 2007
Accredited Home Lenders Holding Co. announced the cuts in an Aug. 28 "WARN Act" notice to the Ohio Department of Jobs and Family Services ... Accredited Home Lenders (Nasdaq:LEND) announced last week that it would eliminate more than 60 percent of its work force, or 1,600 jobs, after a private equity firm that had been trying to buy the company announced it no longer wanted to pursue the deal. (Cincinnati Business Courier, OH)
Lone Star wants to pay a lower price to buy Accredited Sep 1, 2007
Accredited Home Lenders Holding Co. rejected a private equity firm's attempt to lower its price to buy the subprime mortgage lender, saying Friday that it would continue a lawsuit aimed at closing the deal. Lone Star agreed in June to pay $15. (Fresno Bee -- Business)
Lone Star Delivers Letter to Accredited's Board of Directors Proposing to Amend Tender Offer Aug 31, 2007
DALLAS, Aug. 30 /PRNewswire/ -- LSF5 Accredited Investments, LLC ("Lone Star"), a subsidiary of Lone Star Fund V (U.S.), L.P., today announced that it delivered a letter to the Board of Directors of Accredited Home Lenders Holding Co. (Nasdaq: ) (the "Company") ... LSF5 Accredited Investments, LLC 717 North Harwood Street, Suite 2200 Dallas, TX 75201 August 30, 2007 Accredited Home Lenders Holding Co. 15253 Avenue of Science Building 1 San Diego, CA 92128 Attention: Board of Directors Dear... (PR Newswire)
The Subprime Mortgage Market In Perspective Aug 31, 2007
A general view shows the Accredited Home Lenders Holding Co office in San Diego August 22, 2007. The mortgage lender said on Wednesday it will shut most of its mortgage business to help survive turmoil in subprime lending, and eliminate 1,600 jobs, or 62 percent of its work force. (Townhall.com)
Offer for ailing Accredited slashed Aug 31, 2007
The Texas private equity fund that once offered $400 million to buy San Diego's Accredited Home Lenders made a new offer last night that would cut the deal nearly in half. Dallas-based Lone Star Funds, which has been trying to abandon its offer to buy Accredited at $15. (San Diego Union-Tribune -- Business)
Subprime loans face big hikes Aug 30, 2007
Accredited Home Lenders said last week it would close most of its mortgage business to survive the subprime turmoil. Mike Blake/Reuters. (Christian Science Monitor)
Accredited Home tender extended by Lone Star Aug 29, 2007
NEW YORK (Reuters) - Lone Star Funds, a private equity firm seeking to abandon its $400 million purchase of Accredited Home Lenders Holding Co , said on Tuesday it extended its tender offer to buy the struggling subprime mortgage lender to September 12. The private equity firm said it granted the extension as required under the merger agreement, which calls for an extension if Accredited asks for it and conditions to closing the tender offer remain unsatisfied. (ABC News -- Wire)
Accounting firm expands into San Diego market Aug 29, 2007
Grant Thornton quit as auditor of San Diego-based Accredited Home Lenders, a troubled subprime mortgage company, in March after indicating that it wanted to significantly increase the scope of its audit of Accredited for 2006. Mike Freeman: (760) 476-8209. (San Diego Union-Tribune -- Business)
LandAmerica axing 1,100 jobs Aug 29, 2007
Accredited Home Lenders Holding Co last week said it was cutting 1,600 jobs. Layoffs are seen by many analysts as a sign the mortgage sector is not likely to return to prior levels anytime soon. (ABC News -- Wire)
Lone Star Extends Tender Offer to Acquire Accredited Aug 29, 2007
DALLAS, Aug. 28 /PRNewswire/ -- LSF5 Accredited Investments, LLC ("Lone Star"), a subsidiary of Lone Star Fund V (U.S.), L.P., today announced that it is extending its tender offer for all outstanding shares of common stock of Accredited Home Lenders Holding Co. (Nasdaq: ) (the "Company") until 12:00 midnight on September 12, 2007, in accordance with Lone Star's obligations under the merger agreement with the Company. On August 10, 2007, Lone Star filed with the Securities and Exchange... (PR Newswire)
Housing, growth worries trip up Wall Street Aug 28, 2007
Other mortgage companies' shares followed suit, with Accredited Home Lenders dropping 4 percent to $US5. 80. (Sydney Morning Herald -- Business)
All Together Now Aug 27, 2007
"This investment reflects our confidence in their business and recognizes the importance of the company in providing home financing across the country, said Kenneth Lewis, Bank of America s chief executive, in a statement late Wednesday. We hope this investment will be a step toward a return to more normal liquidity in the mortgage markets. Analysts also saw it as a canny investment in a damaged but sound company. (See: )Countrywide is one of a number of wounded players in a sector that has been... (Forbes -- Business)
US watchdog 'vigilant' as bad loans leap 36% Aug 26, 2007
The latest is San Diego-based Accredited Home Lenders Holding Co., which said yesterday it had stopped taking U.S. mortgage applications and would eliminate 1,600 jobs representing 62% of its workforce. Meanwhile, London-based HSBC Holdings PLC and Lehman Brothers Holdings Inc. announced closures and job cuts, bringing the total job cuts yesterday, including Accredited, to 3,400. (National Post)
Nothing Down Aug 25, 2007
Such a move would be welcomed by mortgage originators like Countrywide Financial (nyse: - - ) and Accredited Home Lenders (nasdaq: - - ). But the Bush administration isn't going for it. (Forbes -- Business)
Bulls crave more calm as Fed in focus Aug 25, 2007
This past week several mortgage providers, including Accredited Home Lenders Holding Co , said they were cutting hundreds of jobs as the lending squeeze and lingering jitters in the credit markets take their toll. Bulls crave more calm as Fed in focus 1. (ABC News -- Wire)
* Lehman closes mortgage subsidiary Aug 24, 2007
Earlier in the day, Accredited Home Lenders Holding Co, based in California, announced it was cutting 1,600 jobs because of the "ongoing turmoil" sweeping the industry. John Challenger, the chief executive of Challenger, Gray tmas, a private firm that monitors the US job market, said over 11,000 layoffs had been announced since last Friday, mainly at financial companies impacted by housing and credit-related woes. (Taipei Times, Taiwan -- Business)
Stocks end slightly lower after credit worries Aug 24, 2007
Holdings said it would close its BNC Mortgage unit and slash 1,200 jobs; HSBC Holdings and Accredited Home Lenders Holding also said they would eliminate jobs. "Moving up or down a little is OK because I think investors need some time to digest all the news out there, and they are still really hoping the Federal Reserve will lower interest rates," said Neil Massa, equity trader at John Hancock Funds. (USA Today -- Money)
Fed lending to ease credit woes Aug 24, 2007
Accredited Home Lenders said it would close nearly all of its retail arm, getting rid of 1,600 jobs and the firm is no longer taking loan applications. Meanwhile the biggest US mortgage lender, Countrywide Financial, which strongly invested sub-prime loans, has been cutting jobs and seen its share price plummet. (BBC News -- Business)
Gross Calls For White House Bailout Aug 24, 2007
Originators like Countrywide Financial (nyse: - - ), Accredited Home Lenders (nasdaq: - - ), and Hk (nyse: - - ), which has a subprime lending subsidiary, have been crunched by rising defaults. It would also benefit companies like Thornburg Mortgage (nyse: - - ) that hold mortgages for investment. (Forbes)
BofA throws Countrywide $2-billion lifeline Aug 24, 2007
San Diego's Accredited Home Lenders Holding Co., whose planned sale to a Texas buyout firm collapsed last week, said it would accept no more new loan applications and would close 60 retail offices and half of its 10 wholesale divisions. Afterward, the company would have about 1,000 employees, down from 2,600 at the end of June. (Los Angeles Times)
Fickle Market Ends Mixed Aug 24, 2007
" Meanwhile, signs of the credit crisis flared up again. Following the prior close, Capital One Financial said it will shut down its wholesale mortgage business, eliminating 1,900 jobs in the process. Shares of Capital One rose 2% in the wake of the announcement as investors hoped the move would mitigate the chance the company will be hurt by the troubles in the mortgage world. Elsewhere, Accredited Home Lenders signed an agreement to swap about $1 billion of loans under a 90-day purchase... (FOX23.com, OK)
Accredited cutting 1,600 jobs Aug 24, 2007
San Diego's Accredited Home Lenders yesterday slashed 1,600 jobs throughout the nation and stopped making new mortgage loans in its struggle to survive the meltdown in the subprime mortgage market. At its San Diego headquarters, Accredited Home Lenders cut about 180 jobs from its total of 400 workers. (San Diego Union-Tribune -- Business)
Accredited timeline Aug 24, 2007
August 23, 2007 Recent events at San Diego-based Accredited Home Lenders: October 2006: Shares tumble after the company warns of weaker profits because of tough competition in making mortgage loans. March: Agrees to sell $2. (San Diego Union-Tribune -- Business)
Daily Briefing Aug 23, 2007
San Diego - Accredited Home Lenders Holding Co. will slash its work force by more than half and stop accepting new mortgage applications in the United States as it struggles to survive in the troubled home lending industry, the company said Wednesday. San Diego-based Accredited, which issued $15. (Atlanta Journal-Constitution -- Business)
US sub-prime firm cuts jobs Aug 23, 2007
Accredited Home Lenders said it would shut almost all of its retail arm, slicing 1,600 from its payroll ... And Accredited Home Lenders said that after the cuts it would employ about 1,000 people, compared with 2,600 on 30 June and 4,200 at the start of the year. (BBC News -- Business)
Business Highlights Aug 23, 2007
-based 1st National Bank Holding Co. closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding Co. added 1,600 positions to the heap ... SAN DIEGO Accredited Home Lenders Holding Co. will slash its work force by more than half and stop accepting new mortgage applications in the U.S. as it struggles to survive in the troubled home lending industry, the company said Wednesday. (San Diego Union-Tribune -- Business)
Amid market crisis, some mortgage lenders go into hibernation and hope to survive Aug 23, 2007
Companies like Accredited Home Lenders Holding Inc. and Hanover Capital Mortgage Holdings Inc. are scaling back, hoarding cash and hoping to stay alive ... Accredited Home Lenders, the nation's biggest subprime lender, said early Wednesday it is closing most of its business, essentially waiting in the cellar while the tornado passes. (San Diego Union-Tribune -- Business)
Mortgage crisis widens at Accredited, HSBC, Lehman Aug 23, 2007
NEW YORK The U.S. mortgage and credit crisis deepened on Wednesday, as Accredited Home Lenders Holding Co., HSBC Holdings PLC and Lehman Brothers Holdings Inc. announced a total of 3,400 job cuts, as concern mounted about the longer-term impact on the economy. Accredited, a subprime mortgage lender, said it stopped taking loan applications and would cut 1,600 of its 2,600 jobs as it shuts most of its retail and wholesale operations by Sept. 5. (Globe and Mail -- Business)
Layoffs spread in housing industry Aug 23, 2007
Yesterday, Accredited Home Lenders Co. in San Diego said it would eliminate 1,600 jobs about two-thirds of its workforce. On Monday, Capital One Financial in McLean, Va. (Christian Science Monitor)
Mortgage lender says it will lay off 1,600 Aug 23, 2007
CARMEL MOUNTAIN RANCH -- Accredited Home Lenders Holding Co. said Wednesday that it will close most of its mortgage-lending operations and lay off 1,600 employees. They will join more than 40,000 mortgage-lending employees who have lost their jobs this year, according to company announcements and a major outplacement firm. (North County Times)
Cuts go deep at Accredited Aug 23, 2007
Accredited Home Lenders slashes jobs, stops making loans ... San Diego's Accredited Home Lenders said Wednesday it would slash 1,600 jobs nationwide and stop making new mortgage loans as it struggles to survive the meltdown in the subprime mortgage market. (San Diego Union-Tribune)
Lehman Brothers Shutters Subprime Unit Aug 23, 2007
Accredited Home Lenders Holding Co. (LEND), a nonbank lender that competed with BNC Mortgage, said Wednesday it is no longer accepting new loan applications and will cut 1,600 jobs, or more than half its work force. The trouble that began in the subprime corner of the mortgage market have also spread to other parts of the industry. (SmartMoney)
Welcome Relief On Wall Street Aug 23, 2007
Fallout from the mortgage crisis deepened yesterday as Accredited Home Lenders, HSBC and Lehman Brothers said they would cut 3,700 jobs. But stock-market investors took the news as a positive sign. (New York Post -- Business)
Bulls Return Aug 23, 2007
Accredited Home Lenders () will stop accepting home loan applications and lay off more than half its staff, the company. The subprime lender's chief executive James A. Konrath called the changes "necessity in light of the continued and widely publicized turbulence in the mortgage and financial markets.". (SmartMoney)
Accredited Halts Loans, Slashes Jobs Aug 23, 2007
NEW YORK (Dow Jones) -- Subprime mortgage lender Accredited Home Lenders Holding Co. (LEND) is no longer accepting new U.S. loan applications and will cut more than half its work force as the company deals with the ongoing credit market turmoil. The San Diego firm said "substantially all" of its retail lending business, which is made up of 60 retail branches and five retail support locations, "will be effectively closed" as of Sept. 5, affecting 480 positions. (SmartMoney)
Wall St higher on rate cut hopes Aug 23, 2007
Accredited Home Lenders said it had stopped taking US mortgage applications and would eliminate 1,600 jobs, Lehman Brothers announced it would close down its subprime BNC Mortgage unit, losing 1,200 employees, and HSBC said it was shedding 600 positions from its US mortgage arm. More than 38,000 workers have lost their jobs at mortgage lending institutions since the start of the year, according to research released on Wednesday by Challenger, Gray & Christmas. (FT.com -- Markets)
Lehman Brothers lays off 1,200 Aug 23, 2007
Accredited Home Lenders Holding Co., a subprime specialist, announced 1,600 job cuts earlier today in an effort to outlast the credit crunch that has forced dozens of rivals out of business. HSBC Holdings Plc is eliminating 600 positions in its U.S. operations and closing a mortgage office in Indiana, and Capital One Financial Corp. is closing GreenPoint Mortgage because it can't make money anymore lending to homeowners and then selling those mortgages to investors. (AZCentral -- Business)
US mortgage crisis spreads to luxury home builders Aug 23, 2007
As the crisis deepened, a San Diego sub-prime lending specialist, Accredited Home Lenders Holdings, became the latest US mortgage firm to halt new loans. It said its workforce was likely to be cut from its June level of 2,600 to just 1,000. (Guardian Unlimited -- World)
Lehman Brothers to shut down subprime lender unit Aug 23, 2007
Accredited Home Lenders, a subprime lender, stopped making loans through brokers and laid off 1,600 people, more than half of its staff. The mortgage unit of HSBC Holdings announced Wednesday that it would close an office in Carmel, Indiana, and lay off about 600 workers, and Delta Financial and Impac Mortgage Holdings both announced layoffs. (International Herald Tribune -- Business)
US banks 'symbolically' borrow $½ billion each from Fed Aug 23, 2007
Accredited Home Lenders, a subprime specialist, announced 1600 job cuts while HSBC Holdings is eliminating 600 positions in its US operations and closing a mortgage office in Indiana. Other big banks also have tapped central banks for financing. (Sydney Morning Herald -- Business)
