The US mortgage lending crisis deepened today, as two lenders admitted they are suffering from the sub-prime fall out.
Impac Mortgage Holdings said it will quit most lending and cancel its dividend, while Accredited Home Lenders Holding posted a big quarterly loss and said its survival remained in doubt.
The developments came a day after another struggling lender, NovaStar Financial gave up its property investment trust status sooner than expected because it could not pay a $157 million dividend to keep it.
Dozens of US mortgage lenders have quit the industry this year, including many that have gone bankrupt, amid rising defaults, falling home prices and investor resistance to buying home loans they now consider too risky.
