ADR Report-ADRs fall, led lower by banks on credit concerns

NEW YORK, March 6 (Reuters) - U.S.-listed shares of overseas companies fell on Thursday as credit market concerns and a U.S. report showing mortgage foreclosures reached a record high hit financial sector shares.

The Bank of New York's index of leading American Depositary Receipts (ADRs) fell 1.3 percent while the 30-share Dow Jones industrial average .DJI declined 0.9 percent.

The Mortgage Bankers Association said the rate of failing loans swelled, led by a growing wave of subprime borrowers unable to make payments. A record 0.83 percent of U.S. loans entered the foreclosure process in the final three months of 2007. For details, see [ID:nN06468141].

India's HDFC Bank Ltd (HDB.N: Quote, Profile, Research) fell 5.6 percent to $99.78. Brazil's Banco Bradesco (BBD.N: Quote, Profile, Research) dropped 3.6 percent to $31.57, a day after Spanish bank BBVA (BBVA.MC: Quote, Profile, Research) sold its 5.01 percent stake in the company.

Also, British bank Barclays Plc (BCS.N: Quote, Profile, Research) fell 3.2 percent to $34.36, while Swiss bank UBS AG (UBS.N: Quote, Profile, Research) -- the world's largest wealth manager -- sank 4.2 percent to $29.55 on write-down fears. [ID:nL06593044]

In Latin America, the major benchmarks were also rattled by news that U.S. "jumbo" mortgage lender Thornburg Mortgage Inc (TMA.N: Quote, Profile, Research) said it received a letter from JPMorgan Chase notifying it of a default after it failed to meet a margin call. [ID:nN06395667].

Receipts with the Bank of New York's index of leading Latin American ADRs .BKLA dropped 2 percent. Mexico's IPC index .MXX was down 0.8 percent.

news source : http://www.reuters.com/article/