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Home » Store » Taxable » NetBank Deals with a Pool of Tainted Loans, Predicts Tough Times Ahead as Market Slows

NetBank Deals with a Pool of Tainted Loans, Predicts Tough Times Ahead as Market Slows

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It has been a tense week for NetBank after the lender delayed reporting third quarter earnings because of problems it uncovered with a group of conforming loans that it fears were misrepresented during underwriting. CEO Doug Freeman declined to talk about the problem loans too much, citing the preparation of a possible legal case. The problem pool of about $13 million forced NetBank to set aside $3.5 million in reserves…
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