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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (45632)12/8/2000 4:48:22 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
I never heard of these guys (subprime lenders, apparently), and they're tiny, but check out the wording of this prewarn:

biz.yahoo.com



Friday December 8, 4:22 pm Eastern Time

Press Release

SOURCE: Fidelity National Corporation

Fidelity National Corporation Fourth Quarter Earnings
Will Not Meet Market Expectations

ATLANTA, Dec. 8 /PRNewswire/ -- Fidelity National Corporation (Nasdaq: LION - news) reported today that earnings for the fourth quarter will be substantially below market expectations. Howard Griffith, Chief Financial Officer of Fidelity, said that several factors have had a negative impact on earnings, including:

1. The softening in the economy has impacted auto loan production. The Company was not willing to relax underwriting standards, so loan volume in the fourth quarter will not meet expectations.

2. The market, as evidenced by the actions of numerous other financial institutions, has also exhibited some deterioration in credit quality, resulting in increases in nonperforming assets. The Company intends to increase its originally planned level of provision for loan losses.

3. The Company's net interest margin continues to narrow more than anticipated, as a result of market interest rate increases and the decision to reduce exposure to higher yielding credit card loans.

I suspect they have LOTS of company!

Got PVN poots?<G>
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