Mortgage lender hurt by sub-prime loans
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Accredited Home Lenders Holding Co. reported a fourth-quarter loss three times larger than Wall Street expected, hurt by rising delinquencies and costs to integrate another sub-prime lender it bought in October.
San Diego-based Accredited also said it was willing to lose market share rather than compete aggressively for loans that were more likely to default.
Accredited lost $37.8 million, or $1.49 a share, compared with a profit of $43.3 million, or $1.96, a year earlier. Revenue fell 60% to $60 million.
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