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Article: Mortgage Lender American Business Financial Loses $26 Million amid Cash Crisis.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- November 6, 2003
CopyrightCOPYRIGHT 2003 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Todd Mason
Nov. 6--American Business Financial Services Inc. lost $26.3 million, or $8.91 a share, in the quarter ended Sept. 30, raising the prospect of a default on the loans it closed last month.
Revenue plunged by 73 percent to $20.2 million as the Philadelphia mortgage lender was hobbled by a cash crisis. It failed to sell securities on Wall Street backed by packages of its mortgage loans.
After a similar failure in its June 30 quarter, American Business Financial reported a loss of $29.9 million, or $10.25 a share.
The company's bankers pulled out in June after American Business Financial disclosed that its foreclosure and ...
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