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NATIONAL AUSTRALIA BANK FORESHADOWS US WRITEDOWN.
MELBOURNE, Sept 3 Asia Pulse - The National Australia Bank Ltd (ASX: NAB) has foreshadowed another big writedown on its US mortgage unit HomeSide Lending Inc - this time to the value of $US1.75 billion ($A3.05 billion).
The bank has appointed an adviser to review the market sale value of HomeSide.
The provision follows a decision by the NAB board to value HomeSide at estimated market share value, rather than as an ongoing part of the group.
On a pro forma basis, the value of the Mortgage Servicing Rights asset falls to about $US3.2 billion ($A6.1 billion) from about $US4.4 billion ($8.3 billion)
NAB in July already announced a writedown of $US450 million on HomeSide because of falling interest rates in the US reducing the value of the businesses' mortgage service rights.
The bank has signalled it may sell HomeSide.
NAB managing director and chief executive Frank Cicutto said that the underlying performance of the remaining group businesses was solid.
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