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zippyzack
Dud?


Joined: 10 Mar 2007
Posts: 12

Re: Accredited
PostPosted: Sat Mar 10, 2007 10:00 pm Reply with quoteBack to top

I am not saying that are not problems. i know for a fact that, just like EVERY WHOLESALE LENDER in the business , we are in the process of revising our menu. Maybe plain vanilla right now, but a menu nonetheless. Perhaps company has to focus on survival right now as opposed to worrying about leads...don't know anything about our retail division...as I said when i first signed up...only time will tell the outcome of this bloodbath we are ALL in TOGETHER...
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Accredited
PostPosted: Sat Mar 10, 2007 11:05 pm Reply with quoteBack to top

Housing Wire (03/05) has reported this about the "tightest 'sub-prime' lender in the industry" ...

"In a filing with the SEC requesting an extension, Accredited said that it was still digesting its recent $340 million acquisition of Aames Investment Corp., and that current market conditions had adversely affected the original terms of the deal. Accredited warned that it may charge off any goodwill associated with the Aames deal, although it said the charge-offs would not be of a cash nature.

Industry insiders have told Housing Wire that some Accredited executives are already questioning the timing of the Aames purchase, "although a spokesperson at Accredited could not be reached by HW?s publishing deadline. The company also left open the possibility of reporting unexpected losses beyond the roughly $100 million drop in annual net income that it has already said it expects, saying ?there can be no assurance? that the company has considered the full ipact of its Aames purchase or deteriorating market conditions.

Such a disclosure has led some to question whether Accredited is anticipating even greater effects from loan repurchases than what the company disclosed in its earnings call in February. ?I?m not sure why the company would hedge its bets like that,? said one source, on the condition of anonymity."

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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Aaron
A-Bomb


Joined: 24 Jan 2007
Posts: 824
Location: Atlanta, GA

Re: Accredited
PostPosted: Sun Mar 11, 2007 1:26 am Reply with quoteBack to top

Ouch... I guess even if the rank-and-file is prudent, the board room can make a mess of things rather quickly.
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

......................
PostPosted: Sun Mar 11, 2007 3:15 am Reply with quoteBack to top

I will keep this board updated, but as of today, it doesn't look good for the accredited owned branches that deal primarily in sub-prime. The employee thinks the branch will be shutting down soon. I will let you know as I know.
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JDTED
Dud?


Joined: 12 Mar 2007
Posts: 1

Re: Accredited
PostPosted: Mon Mar 12, 2007 9:36 pm Reply with quoteBack to top

New leads still coming in buckets in Accredited retail branches(Home Funds Direct are the retail branches)....

The company should weather the storm.
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

....................
PostPosted: Mon Mar 12, 2007 9:38 pm Reply with quoteBack to top

Still no new leads for many (if not all) Accredited owned Home Funds Direct branches. Still no word from management. Eerie silence. It doesn't look good.
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

...............
PostPosted: Tue Mar 13, 2007 9:03 am Reply with quoteBack to top

Middle of the night news release by LEND:

http://biz.yahoo.com/bw/070313......html?.v=1

"Accredited also reported that it is pursuing certain cost restructuring initiatives, including further workforce reductions."
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Accredited
PostPosted: Tue Mar 13, 2007 1:10 pm Reply with quoteBack to top

before the bell, LEND is down 43% on the midnight news ...

This is what BrokerOutpost has to say about Accredited this morning (you gotta love the simplicity) http://forum.brokeroutpost.com.....102809.htm

gee whiz ... I hope all the big shots got their insider selling done yesterday ... Laughing

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

...................
PostPosted: Tue Mar 13, 2007 7:47 pm Reply with quoteBack to top

Accredited guidelines have changed considerably. Much higher standards on subprime and Alt A. No more alt doc and stated combos available. Still no new leads.
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sowak
Dud?


Joined: 09 Mar 2007
Posts: 16

...................
PostPosted: Wed Mar 14, 2007 1:43 am Reply with quoteBack to top

Tons of new leads this afternoon for Accredited (LEND). The pipeline is going again!
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