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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