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Australian Bank's Audit Blames HomeSide.(Brief Article)
National Australia Bank, Melbourne, wrote down its investment in HomeSide Lending by $2.2 billion last year, but a new independent review of the matter finds no one at the bank responsible for the debacle.
Instead, the review holds accountable three HomeSide executives who were fired by NAB last fall: chief executive Hugh Harris, president Kevin Race and chief financial officer Blake Wilson.
All three, who still reside in the Jacksonville, Fla. area, could not be reached for comment as Mortgage Servicing News went to press. (HomeSide is based in Jacksonville.)
The review of HomeSide and its writedowns was conducted by Wachtell, Lipton, Rosen & Katz, a New ...
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Source: HighBeam Research, Australian Bank's Audit Blames HomeSide.(Brief Article)