Money Store to Boost Home-Equity Lending

The Money Store Inc. said it will focus its efforts on home-equity lending, following the lender’s announcement that it is shutting its auto lending unit, said spokesman Jeffrey Rogers. The Sacramento-based company said last week it would stop lending money to high-risk borrowers for auto loans, fire 400 people and take a 58-cents-a-share loss in its fourth quarter. Since about a year ago, when the company entered the business of so-called subprime auto lending to people with poorer credit, concerns had grown about the quality of the borrowers. Money Store shares fell $2.19 to close at $23.13 on the NYSE.