{"id":4474,"date":"2007-06-30T18:33:10","date_gmt":"2007-06-30T18:33:10","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/06\/hr_block_earnings_are_sunk_by_1"},"modified":"2007-06-30T18:33:10","modified_gmt":"2007-06-30T18:33:10","slug":"hr-block-earnings-are-sunk-by-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/hr-block-earnings-are-sunk-by-1\/","title":{"rendered":"H&R Block Earnings are Sunk by Subprime Mortgage Unit"},"content":{"rendered":"

\t\t\t\tH&R Block reported a loss of $433.7 million for its fiscal year 2007, compared to a gain of $490.4 million a year ago, and it lost $85.6 million in the fourth quarter vs. a gain of $587.5 in the year earlier period. The losses can mostly be attributed to Option One, its subprime mortgage unit, which the company hopes to soon sell.<\/p>\n

The nation’s largest tax preparer was started in Kansas City by Henry and Roger “Bloch” brothers when the IRS stopped preparing tax returns free in 1955. The firm has been hugely successful in that business \u2013 for a few months out of the year. Yet the firm has been mostly unsuccessful in other ventures seeking to earn revenues the rest of the year.<\/p>\n

Its investment subsidiary, H&R Block Financial Advisors, arose from the Block’s purchase of Olde Financial Company in 1998 for $850 million. At the time Olde and its founder were in the midst of many regulatory and other woes, many of which Block inherited.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

H&R Block reported a loss of $433.7 million for its fiscal year 2007, compared to a gain of $490.4 million a year ago, and it lost $85.6 million in the fourth quarter vs. a gain of $587.5 in the year earlier period. The losses can mostly be attributed to Option One, its subprime mortgage unit, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3834,3753],"tags":[],"class_list":["post-4474","post","type-post","status-publish","format-standard","hentry","category-h-r-block","category-mortgage-backed-securities"],"yoast_head":"\nH&R Block Earnings are Sunk by Subprime Mortgage Unit — Investor Lawyers Blog — June 30, 2007<\/title>\n<meta name=\"description\" content=\"H&R Block has reported significant multi-million dollar losses which can be attributed to Option One, its subprime mortgage unit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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