Irwin Financial Corp., Columbus, Ind., has announced that it expects to report a mortgage-related consolidated loss (including discontinued operations) of $15-20 million in the fourth quarter.The company said it will take approximately $5 million in restructuring charges in the fourth quarter and expects to take less than $2 million in the first quarter. "In our home equity segment, we are being negatively affected by the noncore portfolio we transferred from 'held-for-sale' when the secondary market collapsed in the first quarter of 2007," said Will Miller, Irwin's chairman and chief executive officer. "These loans, which were originated for sale and did not meet our core portfolio credit guidelines, are adding to our delinquencies and required provision at a rate that is disproportionate to the portfolio as a whole. In addition, we are seeing greater-than-expected rate of delinquencies and losses on loans where loan-to-values at origination approached 100%." Irwin can be found online at http://www.irwinfinancial.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11