Items Tagged with 'Option One Mortgage Corp.'

ARTICLES

  • Massachusetts AG Sues Option One, H&R Block

    Option One may be gone from H&R Block's books, but the ghost of the subprime lender continues to haunt the tax preparer's present operations. Massachusetts Attorney General Martha Coakley said Tuesday that she had sued Option One Mortgage Corp. as well as H&R Block, Inc. [stock HRB][/stock] over alleged deceptive and discriminatory lending practices.
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  • New Option: H&R Block Completes Sale of Subprime Servicer

    The freakish experiment of tax-preparer-as-subprime-servicer is finally over. H&R Block Inc. [stock HRB][/stock] said Thursday it successfully closed on its $1.3 billion deal to send Option One Mortgage Corp.'s servicing business to an affiliate of WL Ross & Co. LLC, the company run by billionaire investor Wilbur Ross. Ross also purchased the servicing platform of now-bankrupt American Home Mortgage late last year, creating American Home Mortgage Servicing, Inc.
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  • H&R Block to Sell Option One, Finally

    H&R Block, the tax preparer that has seen its ownership of subprime lender Option One Mortgage Corp. become an albatross around its neck as the mortgage industry has run aground, said Monday morning that it has signed an agreement with an affiliate of WL Ross & Co. LLC to sell its once-mighty lending and servicing platform.
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  • Option One Gets Funding Boost for Servicer Advances

    In a filing with the Securities and Exchange Commission on Monday, tax giant H&R Block said that its troubled Option One Mortgage Corp. had a credit line used to fund servicer advances increased to $800 million from a previous $750 million. The increase came as Option One added The CIT Group to the lenders on one of its servicing advance facilities.
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  • Option One Gets $350M Funding Boost for Servicing Ops

    In a filing with the SEC this morning, H&R Block said that its troubled mortgage unit Option One Mortgage Corporation had received an additional $350 million in funding for servicing advances from a unit of Royal Bank of Scotland Group, PLC. The tax preparation company, which has seen its financial fortunes sink under the wieght of mounting losses at Option One, said that Greenwich Capital Financial Products had increased a debt facility used to fund servicing advances from $400 million to $750 million.
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  • H&R Block CEO Departs Amid Subprime Criticism

    Less than three weeks after the departure of its CFO, H&R Block, Inc. said this morning that CEO Mark Ernst has resigned as the company looks to restructure amid mounting losses from its subprime lending unit Option One Mortgage Corporation. Here is the full press statement.
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  • Fitch Warns on Option One Servicer Ratings

    Fitch Ratings said today that it has placed Option One Mortgage Corporation's 'RPS1' residential primary servicer rating for subprime product and its 'RSS1' residential special servicer on Rating Watch Negative. From the press release:
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