Credit Suisse

Fieldstone Teetering? 

Fieldstone Investment Corporation announced late last week that it has modified the financial covenants of four of its repurchase facilities. The company also confirmed its plans to consolidate operations centers. In a statement, Fieldstone said that it has modified four repurchase agreements in anticipation of its fourth quarter operating results. The agreements are with affiliates of JPMorgan Chase, Credit Suisse and Lehman Brothers. Changing loan covenants is often a last-ditch effort to avoid bankruptcy.