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Accredited Next?

Covenant waivers, layoffs sought

March 13, 2007

By MortgageDaily.com staff

Accredited Home Lenders Holding Co. announced it is taking drastic measures to shore up its cash position.

The San Diego, Calif.-based company "is currently exploring various strategic options, including raising additional capital to enhance liquidity," according to an announcement today. It also expects to miss the filing deadline for its annual report.

Hit by $190 million in margin calls and a wave of repurchases, the subprime lender said it is trying to improve its cash position.

Accredited, which has been operating under various covenant waivers for its warehouse and repurchase facilities since Dec. 31, is attempting to obtain waiver extensions and additional waivers but said, "There can be no assurance that the company will be successful in receiving any of the required waivers."

All of the margin calls, of which two-thirds which were received since Feb. 15, "have been met to date," the statement said.

The chief operating officer of Accredited, which was likely saddled with additional repurchases as a result of its acquisition of Aames Investment Corp. late last year, said in a recent conference call that the company was managing repurchases aggressively.

"There is some renewed focus by the buyers of those loans, the investors, definitely scrutinizing those loans more than in the past," he said in the call.

Further workforce reductions are being pursued, Accredited, established as Security Pacific Financial Services in 1990, noted in today's announcement. Accredited employed 4,196 at the end of 2006.

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