| Accredited, New Century Lead Slide in Mortgage Shares (Update4)
March 13 (Bloomberg) -- Accredited Home Lenders Holding Co. shares lost more than half their value and New Century Financial Corp. was delisted from the New York Stock Exchange after the mortgage lenders said they can't meet bankers' demands for cash. Accredited shares plunged 65 percent to $3.97 at 4 p.m., leading a decline in financial-services companies. The San Diego- based lender said in a statement today it must raise more money to buy back bad mortgages from investment banks. Bankers made the same demand on New Century this month, prompting analysts at Merrill Lynch & Co. and J.P. Morgan Securities Inc. to predict bankruptcy. Late payments on subprime loans reached a four-year high of 13.3 percent, the Mortgage Bankers Association said today, and foreclosures on all home loans rose to a record.
NASA Holds Teleconference Update on Shuttle Repair Work
WASHINGTON - NASA will host a media teleconference Tuesday, April 10 no earlier than 6 p.m. EDT to discuss the space shuttle Atlantis' external fuel tank, which was damaged during a Feb. 26 hail storm. The teleconference follows a meeting to decide whether the tank will be used for the shuttle's upcoming mission, STS-117. The briefing participants are: -- Bill Gerstenmaier, associate administrator, Space Operations -- Wayne Hale, manager, Space Shuttle Program -- John Honeycutt, deputy manager, External Tank Project To participate, reporters must R.S.V.P. to the newsroom at NASA's Johnson Space Center, Houston, at 281-483-5111. The deadline is 4 p.m. EDT Tuesday, April 10. NASA will stream live audio of the event at: http://www.nasa.gov/newsaudio For STS-117 crew and mission information, visit: http://www.nasa.gov/shuttle .
Michigan business briefs
The Detroit Area Business Activity Index rose 1 point in February to 99, which is equal to the average for the fourth quarter of 2006. Compiled by Comerica Bank, the seasonally adjusted monthly index measures several elements of economic activity in southeast Michigan, including income levels and business productivity. .
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