Credit

Whole Loan Fire Sale at Accredited 

Accredited Home Lenders Holding Co. (NASDAQ:LEND) said earlier today that it has found a buyer for substantially all of its loans held for sale and currently funded out of its warehouse and repurchase credit facilities. The $2.7 billion of loans held for sale will be sold at a substantial discount in order to alleviate recent pressures from margin calls, the company said. Terms of the sale include a holdback reserve of approximately $40 million to satisfy all future claims against the loans, including early payment defaults, and that claims in excess of the holdback reserve will have no recourse. The sale is expected to be completed over the next couple of days.