Uncategorized
First Horizon Pulls Back on Construction Lending
By: PAUL JACKSON
January 28, 2008
First Horizon National Corp. said Monday that it will discontinue national home builder and commercial real estate lending via its First Horizon Construction Lending offices. The Memphis-based bank said the move was in-line with its plans to reduce its national real estate portfolio.
Jerry Baker, First Horizon’s CEO, said the company will work with First Horizon Construction Lending customers through the completion of construction projects underway.
“We have a plan in place to work with our national construction lending employees and customers to make an orderly transition out of these business channels as we work to shrink our balance sheet and focus many of our resources on our First Tennessee Bank and FTN Financial capital markets businesses,” said Baker.
First Horizon reported a fourth quarter net loss of $248.6 million on January 18, driven in part by exposure to construction lending.
The bank has said it intends to reduce its national real estate portfolio by $2 billion during 2008.
Print This Article
recent stories by department
Origination/Lending
Secondary Market/Investors
Get your HW Fix
Join nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2009 Jul 09 -- 2009 Jul 10
USFN Legal Issues in Mortgage Servicing Seminar
Geared towards in-house counsel, designed to discuss current legal issues in the mortgage servicing industry and real estate finance. Closed event in Chicago, Ill.; for more information, visit www.usfn.org.
2009 Oct 04 -- 2009 Oct 05
IMN's 15th Annual ABS East
Hosted at the Foutainebleau Resort Miami Beach in Miami, FL, the theme of this year's event is "Navigating a Path to Recovery" and alludes to decisive actions by the government and industry leaders to set a course that will hopefully lead to a revived and robust US securitization market. For more information, visit www.img.org.
2009 Oct 20 -- 2009 Oct 21
RMBS: Assessing Value and Risk
This two-day course in Washington, DC will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
