Nasdaq may delist Accredited Home Lenders

“San Diego-based Accredited Home Lenders Holding Co., which has been battered lately along with the entire subprime mortgage industry, said March 19 that its stock is subject to delisting from the Nasdaq exchange after it failed to file its 10K annual report with the Securities and Exchange Commission on time. The company said it is appealing the delisting, which will stay the action, and is working on filing its report as soon as possible. In addition, Accredited said it is in discussions regarding a possible financing arrangement with a third party that would provide additional liquidity. Accredited said it has retained an unnamed financial adviser for this deal. On March 16, Accredited said it was selling $2.7 billion in home loans to satisfy margin calls from lenders. The company said it was selling the loans at a discount and would likely record a $150 million charge against earnings.”