Irwin Projects $15-20M Mortgage-Related Loss

Irwin Financial Corp., a bank holding company and mortgage lender based in Columbus, Ind., has announced an expected loss of $15-20 million from discontinued mortgage operations for the third quarter."The sustained disruptions in the housing and mortgage markets during the third quarter have created a more difficult environment than we expected in which to wind down our discontinued operations and to restructure our home equity segment," said Will Miller, chairman and chief executive officer of Irwin Financial. "Nonetheless, we believe we are making progress in each of these segments. Our provision in the third quarter has created significant reserves for larger potential losses from future repurchase demands in the discontinued operations and loan losses in our consumer home equity portfolio." Irwin can be found online at http://www.irwinfinancial.com.