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ECC Warns on Market Conditions, Delays Full Dividend

Mar 09, 2007By

Pointing to sour subprime industry conditions, ECC Capital (NYSE:ECR) declared a $0.07 per share dividend for the first quarter of 2007 and said Friday that the company will likely delay future dividend payments until the third or fourth quarter as the subprime lender and servicer looks to find additional sources of liquidity amid deteriorating market conditions. ECC Capital, which recently sold its Encore Credit franchise to Wall Street bank Bear Stearns (NYSE:BSC) in a deal worth $33 million, had previously announced an intended $0.80 per share dividend. Including the first quarter dividend announced today, the company has distributed less than half that amount, with $0.49 of the intended per-share dividend payment remaining outstanding. The company had previously indicated that it would distribute the remaining dividend balance at the end of the second quarter.

3d rendering of a row of luxury townhouses along a street

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