First Horizon National Corp. (FHN) posted a second-quarter loss of $124.77 million, or 50 cents a share, in the second quarter, according to news reports.
That compares to net income of $19.9 million, or 8 cents a share, a year earlier. Reuters blames the net loss on a pre-tax charge stemming from the bank’s repurchase of mortgage loans at the direction of Fannie Mae and Freddie Mac.
The news agency says the company, which is the parent firm of First Tennessee Bank, felt the sting of a $272 million charge on mortgage buyback demands.
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