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Option One Anticipates Higher Mortgage Losses.
KANSAS CITY, MO -- H&R Block Inc. here expects to record a $102.1 million provision for losses in the current quarter related to its subsidiary, Option One Mortgage Corp.
The company's stock price dropped from trading to levels just above $20 per share from just shy of $23 per share in reaction on Aug. 25 and at least one Wall Street firm, UBS, downgraded the stock to "neutral" from a "buy" that day, according to Yahoo! Finance. As of press time last Wednesday the stock was continuing to trade at the lower level.
Block said the expected loss provision would reflect an increase in the estimated recourse liability recorded by Option
One for loan repurchases and premium-recapture reserves.
"The increased level of loan repurchases, which have been noted industrywide, are primarily due to a ...
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...current quarter related to its subsidiary, Option One Mortgage Corp. The company's stock...estimated recourse liability recorded by Option One for loan repurchases and premium...19 per share, according to Block. Option One is one of the biggest subprime servicers...
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Source: HighBeam Research, Option One Anticipates Higher Mortgage Losses.