Pressure mounts on US mortgage groups

Shares in US mortgage lenders remained under pressure Thursday amid concerns about their ability to fund their operations as problems in the subprime sector spread to less risky loans.

Accredited Home Lenders, a subprime lender in the process of being sold, saw its shares fall by a third after warning that it could face bankruptcy.

In a filing, the company said that its bankers were demanding more collateral and that its viability was uncertain if the sale was not completed or mortgage markets worsened. But Accredited said late Thursday it was “proceeding as planned” to work toward closing its acquisition by Lone Star, which could be “concluded in the third quarter”.

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- Posted: 2007-08-03 10:28:45

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