Bad Credit First Mortgage

SUB PRIME LENDER SEES BAD DEBTS DOUBLE IN A YEAR

Bloomberg has reported that bad debts doubling at the (mainly sub-prime) lender Kensignton mortgages has caused an 11 percent drop in their share price in early morning trading.

Mortgage lender Kensington Group's shares plunged 11pc this morning after it warned that bad debts doubled in the first half of the year and that it was suffering from increased competition.

Bad debts at the company, which lends to borrowers with below-average credit records, jumped to 24.5m in the six months to May 31, from 11.3m a year earlier.

Chief executive John Maltby said: "We do not expect market conditions to get any easier during the rest of the year." Kensington shares fell 118 to 910p in early trading.

Stuart Duncan, a London-based analyst at Numis Securities who has a "sell" rating on the stock, said: "There has been a big jump in the bad debt charge.

Sprint Posts Lower 2Q Profit

Sprint Nextel Corp. said Thursday that its second-quarter profit fell 38 percent as the nation's third-largest wireless carrier absorbed costs from its formative merger last year.

Sprint Nextel, struggling to attract and retain higher-paying subscribers, also slightly lowered its earnings guidance.

Sprint shares plunged to a new 52-week low, down $2.95, or 14.7 percent, to $17.18 in morning trading Thursday on the New York Stock Exchange.

The company earned $370 million, or 12 cents per share, in the three months that ended June 30, compared with $599 million, or 40 cents per share, during the same period a year ago.

Not including merger-related amortization expenses and other one-time charges, the company said it earned 32 cents per share, falling a penny short of the 33 cents per share predicted by analysts surveyed by Thomson Financial.

CA to Delay Filing Quarterly Report

ISLANDIA, N.Y. — Information technology company CA on Monday said it will delay filing a quarterly report with the Securities and Exchange Commission following a recently completed internal review into its past and current stock options program.

CA _ one of dozens of companies investigating the legality of how stock options were granted to executives _ was expected to turn in its 10-Q by Wednesday. CA said it will request a five-day extension from the SEC, as the internal review tied up the resources that would have gone toward completing the filing.

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