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HomeSide Takes a Hit.(National Australia Bank)(Brief Article)
Remarkably, few big lenders reported taking big hits from servicing write downs in the early part of this year's refinancing boom. That puts all the more attention on National Australia Bank's announcement that it is taking a $450 million write down due to a decline in the value of HomeSide's mortgage receivables.
HomeSide president Kevin Race could not be reached for comment. A spokesman for the company referred reporters to a published statement released by the bank.
In that statement, NAB said HomeSide's residential receivables are now worth about
$1 billion, compared to $1.3 billion before the hit was announced. (The after-tax write down on the servicing is valued at $288 million.)
NAB blames the write down on "unprecedented refinancing activity" and "changes to industry and market forces following new accounting standards in the U.S."
Although NAB didn't mention the accounting rule by name, it is believed that FAS 133 played a role in the write downs.
When it released the statement last Thursday, the bank's stock (NYSE: NAB) fell about 5.5%.
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