Mortgage Lender Bad Credit Maryland

Bankruptcies and repossessions soar

MOUNTING debts are forcing an increasing number of Cumbrians out of their homes and into the courts as they are declared bankrupt. In the first three months of the year, judges at Whitehaven County Court approved 40 mortgage repossessions and 47 bankruptcies – 147 per cent more than in the same period a year earlier. Carlisle saw 40 declared bankrupt with 27 losing their homes. The figures were part of a Cumbria-wide picture of deepening debts, with 137 people across the county being declared bankrupt – around twice as many as in the first three months of 2005. The crisis has prompted some politicians and debt experts to call for tighter controls on loan companies, some of which are accused of offering credit too freely and charging extortionate interest. The News & Star has this week also uncovered the personal cost of bankruptcy, with many individuals feeling too ashamed to even tell close relatives of their situation.

Bridgestone Profit Down 68 Percent

Pedestrians are reflected on the show window of Bridgestone Corp. in downtown Tokyo Wednesday, Aug. 9, 2006. The Japanese tiremaker reported Wednesday a 68 percent plunge in profit for the fiscal first half because of expenses related to closing a U.S. plant and the surging cost of raw materials, including crude oil and rubber. (AP Photo/Shizuo Kambayashi)

Market slams NetBank after loss

Facing further pressure in its mortgage business — particularly on unconventional loans — NetBank Inc. swung to a loss in the second quarter and suspended its dividend payments until its financial situation improves.

Alpharetta-based NetBank, one of the nation's largest Internet-only banks, said it lost $31.4 million, or 68 cents per share, compared with a profit of $2.3 million, or 5 cents per share, in the year-ago quarter. The results were in line with NetBank's warnings of two weeks ago, though far more than analysts' initial loss forecasts of 5 cents to 10 cents per share.

NetBank executives said earnings for the balance of the year would remain under pressure.

Investors punished the stock, sending shares down more than 26 percent in morning trading Tuesday before it rebounded somewhat to close at $5.04 per share — down 43 cents, or 8 percent.

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