2 sub-prime lenders get helping hands
Saturday, March 17th, 2007Two struggling mortgage lenders were thrown financial lifelines Friday, a glimmer of hope for the battered industry.
But analysts said the shrinking of the so-called sub-prime loan business was likely to continue.
“This hasn’t changed the operating fundamentals of the industry,” said Bose George, an analyst at investment firm Keefe Bruyette & Woods in New York.
San Diego-based Accredited Home Lenders Inc. said it sold $2.7 billion of loans it had on its books, which the firm said would give it breathing room as it explored its “strategic options,” including raising fresh capital.
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