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Thursday, April 19, 2007

Alt-A hits Capital One

by Calculated Risk on 4/19/2007 08:42:00 PM

From Reuters: Capital One's profit dives, outlook falls

Chief Financial Officer Gary Perlin said mortgage banking posted a "modest" loss in the first quarter amid "unusually weak conditions" in the market to sell some nonconforming loans, including "Alt-A" loans - or "Alternative-A" loans, which often go to borrowers who cannot provide full documentation of income or assets.