Mortgage cos. reveal damage from housing crisis

NEW YORK (AP) — Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there was also some hope that the worst of the housing crisis is over.

Investors bid up shares of mortgage lenders and insurers despite billions in losses from a sustained housing downturn in the U.S.

Shares of bond insurer MBIA Inc., and mortgage insurers PMI Group Inc. and Radian Group Inc., all rose Monday, though shares of lender IndyMac Bancorp Inc. tumbled nearly 11 percent after warning of a rough year ahead.

Sprint Nextel 1Q deficit widens, fewer subscribers

KANSAS CITY, Mo. (AP) — Sprint Nextel Corp.’s Dan Hesse had little good news to share Monday on the eve of addressing his first shareholder meeting as chief executive of the troubled wireless carrier.

Overland Park, Kan.-based Sprint reported a larger first-quarter loss brought on by falling revenue, charges for severance and other costs and the exodus of more than a million monthly subscribers.

The company also announced it was exploring the possible sale of noncore assets, though officials didn’t give any specifics.