Mortgage lender hurt by sub-prime loans

Accredited Home Lenders Holding Co. reported a fourth-quarter loss three times larger than Wall Street expected, hurt by rising delinquencies and costs to integrate another sub-prime lender it bought in October.

San Diego-based Accredited also said it was willing to lose market share rather than compete aggressively for loans that were more likely to default.

Accredited lost $37.8 million, or $1.49 a share, compared with a profit of $43.3 million, or $1.96, a year earlier. Revenue fell 60% to $60 million.