Low interest rates have taken a toll on home equity lenders-most recently causing one to revise its earnings projection and another to take a half-billion-dollar charge.

Contifinancial Corp. said last week that it expects to report earnings for the quarter ended June 30 of 13 cents a share, about 45 cents below expectations, according to James E. Moore, president and chief executive officer, and 46 cents lower than a year earlier. The expected decline is due to a one-percentage-point adjustment upward in expected prepayment speed, to 28%.

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