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Reserve Increase Seen at OOMC.(Option One Mortgage Corp.)(Brief article)
Kansas City, MO -- Subprime giant Option One Mortgage Corp. here lost $69.7 million in its fiscal third quarter ending Jan. 31, reflecting a large increase in loan-loss reserves.
Option One's parent, H&R Block, was in the process of reporting its results as National Mortgage News went to press late last week.
H&R Block said it reported Option One's third-quarter results as "discontinued operations," saying the unit added $111 million to loan-loss reserves during the period.
The parent firm offered no real update on its effort to sell the nation's sixth largest subprime funder, except to say it will provide more information in March. H&R Block offered a ray of hope that conditions were ...
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Source: HighBeam Research, Reserve Increase Seen at OOMC.(Option One Mortgage Corp.)(Brief...