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Impairment Strikes Lenders But Is Offset By Front-End Gains.(Brief Article)(Statistical Data Included)
As anticipated, mortgage firms - both large and small - began announcing servicing- related writedowns as third-quarter earnings reports rolled in.
Mega lender/servicer Washington Mutual, Seattle, disclosed a $451.5 million servicing impairment charge, but then again, it also announced record earnings of $832 million.
In other words, WaMu produced so many new loans on the front end ($47 billion) that servicing run-off was not an issue for the publicly-traded firm.
A Morgan Stanley report on WaMu notes that earnings came up short two cents a share but added, "many metrics look good." Another analyst noted that WaMu's stock looks dirt cheap at $33 a share.
WaMu also set aside $200 million for loan and lease losses in the quarter, compared to $47.6 million a year ago, but the amount is relatively small compared to its overall loan portfolio.
Also, Bank of America, Charlotte, N.C., confirmed last month that it took $1.25 billion in after-tax writedowns in the third quarter related to the closing and liquidation of its subprime residential and auto leasing businesses.
BofA is trying to sell about $23 billion in residential subprime receivables. As part of its third-quarter earnings, the bank said it took $1.31 billion in noninterest expenses and "adjustments" to its subprime and auto residuals servicing. It also took a ...
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Source: HighBeam Research, Impairment Strikes Lenders But Is Offset By Front-End Gains.(Brief...