Guaranty Financial Group Inc. (GFG) said Tuesday that it expects to swing to a fiscal 2008 net loss of at least $444 million, or $8.84 a share, from net income of $78 million, or $2.20 a share, in fiscal 2007.

The company said the loss reported may be higher, depending on the outcome of its review of the appropriate valuation for balance sheet purposes of its mortgage-backed securities portfolio, including the extent of other than temporary impairment of this portfolio.

The company made the disclosure in a filing with the Securities and Exchange Commission. In the filing, the company said that it wouldn't file its annual report on time.

Shares of the Austin, Texas-based company traded Tuesday afternoon at 58 cents, down 6 cents.

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