Market Turmoil Points to Loss for Irwin

Irwin Financial Corp., Columbus, Ohio, expects to take a loss for the first quarter, blaming conditions in the consumer mortgage market and one impaired commercial credit in Michigan."We have had two disappointments during the first quarter," said Will Miller, chairman and CEO of Irwin Financial. "While this is not a pleasant way to start the year, we believe both issues are essentially one-time events." Irwin said that while the credit quality of the company's portfolio of loans has "held up well," turmoil in the secondary market for consumer mortgages during February and March will lead Irwin to report a loss for its home equity operations. Because of the difficulty in selling some mortgage and home equity products, the company said it plans to shift approximately $170 million of loans from its held-for-sale account into its portfolio. That will result in higher credit and loss provision costs for the first quarter. The company can be found online at http://www.irwinfinancial.com.