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Irwin Advises Of Impairment.(Brief Article)
Columbus, OH -- Noting a sharp drop in 10-year Treasury rates during the second quarter, Irwin Financial Corp. here said it expects to report net impairment of about $27 million against its mortgage servicing rights for the second quarter.
The pretax impairment charge reflects the difficulty of hedging MSRs under Irwin's accounting methods and a decline of about 60 basis points in the 10-year Treasury rate during the quarter, the company said. The continued flat yield curve in the bond market hampered option-based hedging as well.
To reduce the risk of continued MSR impairment, Irwin said it sold servicing rights on $3.2 billion of home loans in bulk trades, resulting in a pretax gain on sale of about $7 million during the quarter. MSRs on ...
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Source: HighBeam Research, Irwin Advises Of Impairment.(Brief Article)