by Calculated Risk on 3/13/2007 08:40:00 AM

Press Release: Accredited Pursuing Strategic Options

Accredited Home Lenders Holding Co. (NASDAQ:LEND - News; "Accredited" or "Company") announced today that it is currently exploring various strategic options, including raising additional capital to enhance liquidity and provide the Company with the flexibility to retain or sell originated loans based on an assessment of the best overall return. Accredited's available cash resources have been affected primarily by margin calls under its warehouse and repurchase facilities since January 1, 2007, all of which have been met to date, as well as ongoing loan repurchases. The Company reported that it has paid approximately $190 million in margin calls on its facilities since January 1, 2007. Approximately two-thirds of those margin calls have been received and paid since February 15, 2007.

In addition, Accredited is seeking waivers and extensions of waivers of certain financial and operating covenants under its warehouse and repurchase facilities, including waivers relating to required levels of net income. The Company has been operating under various waivers under these facilities since December 31, 2006. There can be no assurance that the Company will be successful in receiving any of the required waivers.

Accredited also reported that it is pursuing certain cost restructuring initiatives, including further workforce reductions.

The Company continues to evaluate impairment of the goodwill established in its acquisition of Aames Investment Corporation ("Aames") in the fourth quarter of 2006. In light of this evaluation, along with work that must be completed for the Company's year-end audit, it is unlikely that the Company will file its Annual Report on Form 10-K by March 16, 2007 as previously contemplated in its Notification of Late Filing on Form 12b-25 filed with the Securities and Exchange Commission on March 1, 2007.