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The subprime search: When the year began, the word “subprime” wouldn’t have registered a blip on anyone’s radar. I think it’s safe to say that certainly isn’t the case now, thanks to the troubles of New Century Financial, and other lenders who dealt with people with less than perfect credit. Now, whenever we see a headline involving mortgages, we all think the same thing: Subprime? We asked that question twice in the past two days -- and the answer was “yes” both times.
H&R Block said Friday it agreed to sell its Option One Mortgage unit to an affiliate of private equity firm Cerberus Capital Management, ending a months-long search for a buyer of the beleaguered subprime lender.
Tax preparation company H&R Block said it was still in talks to sell its subprime lending unit but that market conditions had affected its plan to conclude the sale by the end of March.
New Century Financial, the troubled subprime mortgage lender, said on Wednesday it voluntarily ended its relationship with mortgage financier Freddie Mac, and that "several" of its own lenders plan to sell loans that had backed $17.4 billion of credit lines.
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Senator Chris Dodd, who is considering legislation to protect consumers against predatory lenders, told CNBC that two positives have emerged from the subprime meltdown, including better oversight over the beleaguered sector.
H&R Block posted a third-quarter loss, after conducting a review of its Option One Mortage Corp. unit, which makes subprime loans.
Nearly a fifth of consumers with bad credit who borrowed money to buy a house in the past two years will default on their mortgages and lose their homes, an industry survey projects.
Stocks skidded Friday after a key survey showed manufacturing unexpectedly contracted in November,stoking concerns about a weakening economy.
H&R Block , the largest U.S. tax preparer, on Thursday said its quarterly loss nearly doubled, hurt by weakness in its mortgage operations.