Delta Financial Postpones Earnings -- More Trouble?
Delta Financial, a subprime lender lauded on this blog not too long ago, appears to be the latest mortgage lender to run into trouble. The company hastily postponed its earnings call scheduled for yesterday morning, hours before it was scheduled to report; no explanation has been given since that time for the delay other than a message on the company's Web site. In discussing the company's results in the first quarter, I'd noted that the company had lost some of its previous momentum but still reported positive earnings. Delta Financial's stock plummeted $3.21 to close at $4.43 after yesterday's delay -- a stunning 40.1 percent drop. Today, the freefall has continued thus far, with the stock down an additional 19.6 percent to $3.82 at the time this post was published.