Items Tagged with 'First Horizon National Corporation'

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  • First Horizon Continues Mortgage Pullback

    Memphis-based First Horizon National Corp. [stock FHN][/stock], the bank holding company for First Tennesse Bank, said Wednesday morning that it bank had sold mortgage servicing rights on $14 billion of first-lien mortgage loans owned or securitized by Fannie Mae [stock FNM][/stock] or Freddie Mac [stock FRE][/stock]. The move comes as First Horizon has aggressively been pulling back its national mortgage footprint amid continued industry upheaval.
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  • First Horizon Earnings Still Reeling from Mortgage Portfolio

    First Horizon National Corp. [stock FHN][/stock] on Friday reported a $55.7 million net loss -- 27 cents per share -- for the fourth quarter 2008, less than half the loss reported the previous quarter. After reporting heavy losses in mid- and late-2008 and receiving a $866,540,000 injection from the TARP as a transaction under the Capital Purchase Program on Nov. 14, 2008, the company's balance sheet appears to be stabilizing somewhat.
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  • Fitch Affirms MetLife's Mortgage Servicer Ratings

    A servicer many may not yet have heard of was affirmed by Fitch Ratings yesterday, and provides a chance to underscore the dramatic shifts taking place in the servicing industry as the banking landscape is being re-organized by a historic financial crisis. In a statement released late Monday, Fitch said it had affirmed its primary residential servicer ratings on MetLife Home Loans, a division of MetLife Bank, NA.
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  • First Horizon Posts $113.8 Million Net Loss For Q3

    (Update 1 shows mortgage information from First Horizon's earnings statement) First Horizon National Corp. [stock FHN][/stock] reported massive losses in the third quarter 2008 after the complete sale of of mortgage operations outside Tennessee and mortgage banking servicing operations including $19.1 billion billion of servicing to MetLife Inc. [stock MET][/stock].
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  • Exit, Stage Left: MetLife to Pick Up First Horizon's National Mortgage Footprint, Servicing Portfolio

    The rumors are true -- First Horizon National Corp. [stock FHN][/stock] said Wednesday morning that it will sell essentially its entire national mortgage footprint to MetLife Bank, N.A. in a deal that will see more than 230 retail and wholesale offices nationwide, and a $20 billion servicing portfolio and platform, change hands.
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  • First Horizon Sees Profits Fall Nearly 90 Percent; May Consider Exit from Mortgage Banking?

    First Horizon National Corp. [stock FHN][/stock] said Thursday that first quarter earnings took a steep hit, as the Memphis, Tenn.-based bank continues to deal with with worsening credit quality and a mortgage business gone sour. The bank reported earnings of $7.9 million, $.06/share, compared with a profit of $70.5 million, $.55/share, one year ago.
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