A Sept. 21 story, "Seeking Buyer in Vain, Subprime Lender on Brink" (page 18), misstated the rating from which Southern Pacific Corp.'s senior debt was downgraded.
Until Sept. 16, Standard & Poor's rated the debt B-minus, not BB-minus.
A Sept. 24 story, "Subprime Woes Put L.A. Thrift in Tight Spot" (page 4), overstated the delinquency and nonperformance problems at Bank Plus Corp. as given in the company's second-quarter report.
Apartment loan delinquencies fell by $5.9 million, or 36%, to $10.2 million during the period, the report said. And the nonperforming rate for such loans did not double; it rose to 0.60% of all apartment loans, from about 0.47%. Meanwhile card delinquencies rose to 11.9% on Aug. 31, from 11.2% on June 30
In addition, the article incorrectly reported that the company has offered a cash-secured card. The company offered another type of card for people with spotty credit histories.
The story also got the first name and middle initial of a partner at La Salle Financial Partners wrong. He is Richard J. Nelson.