First Horizon's Mortgage Ops Lose $263M

First Horizon National Corp., Memphis, has reported that its mortgage business lost $263 million (pretax) in the fourth quarter, reflecting reductions to its servicing assets and impairment charges. Overall, the bank lost $399 million in the quarter. Like many banks heavily involved in residential finance, First Horizon has been stung by the nation's mortgage crisis and housing downturn. It has moved to cut staff and close production channels. In the fall, First Horizon announced job cuts of 1,500 mortgage workers and the closure of 50 offices. First Horizon can be found online at http://www.firsthorizon.com.