Items Tagged with 'H&R Block'

ARTICLES

  • 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.
    Read More
  • 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.
    Read More
  • H&R Block: Losses Soar on Option One Debacle

    H&R Block, Inc., the nation's largest tax preparer, said this morning in a filing with the Securities and Exchange Commission that it will report surprisingly large losses for the quarter ended October 31, 2007 due to problems at its Option One Mortgage Company franchise -- once one of the largest subprime lenders in the United States.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • 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:
    Read More