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More lenders hit in US sub-prime downturn

The troubled US sub-prime mortgage market has suffered more problems after another provider was forced to stop selling loans.

Mortgage Lenders Network USA, in Connecticut, has had its licence revoked by the authorities after having stopped funding loans through intermediaries last month.

California-based Mandalay Mortgage has left the adverse sector and is no longer accepting applications.

The moves come after California-based Ownit filed for bankruptcy in December and Sebring Capital Partners of Texas closed in the same month.

Meanwhile, the parent company of UK sub-prime lender Kensington Mortgages has sold its direct business TML to Customer Financial Solutions due to poor business yields.

Kensington Group saw profits fall from 55.9m in 2005 to 49.1m last year. Its loan impairment charge for arrears and repossessions increased by 50 per cent from 30.2m to 45.1m. New business completions were up by 17 per cent to 4.1bn.

Kensington chief executive John Maltby says: “We expect the UK specialist market to remain competitive during 2007 and we will see lower levels of profit growth.”

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