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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (180978)	7/17/2002 10:58:48 PM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 436258

can I deduct what they used for strippers from what I owe?

To: patron_anejo_por_favor who wrote (180978)	7/18/2002 6:53:04 AM
From: Giordano Bruno	Read Replies (2) \| Respond to of 436258

Bad FICO at Capital One surprised analysts. (the good news...bad fico does not have a scent) Capital One Shares Fall 40%On Warning From Regulators By CARRICK MOLLENKAMP Staff Reporter of THE WALL STREET JOURNAL Capital One Financial Corp. shares plunged 40% after government regulators, as part of an effort to shore up reserves at subprime lending companies, told Capital One to bolster reserves and improve the technology it uses to provide loans and credit cards to consumers with poor credit histories or low income. Capital One, Falls Church, Va., disclosed late Tuesday that regulators at the Federal Reserve and the Office of Thrift Supervision had issued the requirements after a review of Capital One's operations. On Wednesday, Capital One shares fell to $30.48, down $20.12, on the New York Stock Exchange Wednesday. Other credit-card and lending stocks also fell in Big Board trading. MBNA Corp. fell 9%, or $1.85, to $18.50, while Providian Financial Corp. dropped 16% to $3.39, down 66 cents. Metris Companies Inc. sank 37%, or $2.22, to $3.85; and Household International Inc. fell 8.1%, or $3.73, to $42.37. The activity comes amid heightened scrutiny from federal regulators, who have become increasingly concerned that credit companies are too thinly capitalized to protect against customer defaults. Last year, regulators imposed lending restrictions on Providian and NextCard Inc., both in San Francisco. Providian has since moved to exit the subprime business, and the government closed down NextCard this year when it was unable to find a buyer. Government regulators also cracked down on Metris, Minnetonka, Minn., this year by requiring the company to tighten its credit exposure. Separately, Metris on Wednesday announced an unexpected second-quarter loss of $36.4 million, or 74 cents a share, compared with net income of $62.8 million, or 63 cents, a year ago. Analysts also said the news was noteworthy because federal regulators provided a clear definition of subprime loans, a segment that in the past has been only vaguely defined. As part of Capital One's so-called memorandum of understanding with the Fed and thrift regulators, subprime is defined as consumers with an FICO credit score of 660 or less, and who had been targeted by Capital One as a subprime consumer. The FICO score is a mathematical formula and credit rating written by credit company Fair, Isaac & Co. Based on that subprime definition, 40% of Capital One's U.S. portfolio was judged to be subprime. That percentage surprised some analysts who had estimated the range to be 20% to 25%. "We have implemented levels of capital and allowance and reserve that satisfy the understandings we expect to have with the regulators," Capital One's chairman and chief executive, Richard Fairbanks, told analysts. (Too bad... they had great TV commercials)