The issuer default rating of First Horizon National Corp., Memphis, has been downgraded from A to A-minus by Fitch Ratings, which cited factors that included continued earnings pressure in First Horizon's mortgage business.Fitch also downgraded the company's subordinated debt rating from A-minus to BBB-plus and affirmed its short-term IDR at F1. The outlook was revised from negative to stable. The rating agency said the downgrade of First Horizon's long-term IDR "reflects sustained underperformance versus the 'A' rated peer average and expectation for continued earnings pressure, particularly in mortgage business." The affirmation of the short-term IDR was attributed to the company's "comfortable liquidity and funding situation as well as sound liquidity policies/planning." Fitch said First Horizon has "zero subprime first-mortgage exposure in its loan or securities portfolio" as well as "limited subprime home equity exposure concentrated in its core Tennessee market only." Subprime mortgage originations have been discontinued. First Horizon can be found online at http://www.firsthorizon.com, and Fitch can be found at http://www.fitchratings.com.
-
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
July 3 -
The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
July 3 -
The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
July 3