Subprime home-equity lender American Business Financial Services last week announced that it would postpone its third quarter filing with the Securities and Exchange Commission until the end of the month. A recent 8-K from the company states that it "does not anticipate any unusual announcements related to quarter or fiscal year results."
ABFI indicated in July that it would report a $20 million to $30 million loss attributed to its inability to securitize through its typical channels. The company most recently tapped the market in March, with a $387 million deal via Bear Stearns. ABFI has indicated that it plans to use the whole loan market for an exit strategy, hoping to off lay $700 million. It is not yet clear how successful the company has been in selling whole loans. In mid July, wire services reported that ABFI had closed on $125 million in sales.