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First Horizon National posts quarterly loss
July 20, 2012 / 11:22 AM / 5 years ago

First Horizon National posts quarterly loss

July 20 (Reuters) - First Horizon National Corp posted a wider-than-expected second-quarter loss as it incurred a pre-tax charge related to mortgage buyback demand from government sponsored entities Fannie Mae and Freddie Mac.

Investors have been pressing U.S. banks to buy back now-soured home loans made during the housing boom. The loans were bundled into mortgage-backed securities and bought by investors, who now allege the loans do not meet guarantees made by the banks at the time they were sold.

The lender posted net loss attributable to common shareholders of $124.8 million, 50 cents per share, compared with net income of $42.6 million, or 16 cents per share a year earlier.

Analysts on average expected the bank to incur a loss of 49 cents per share, according to Thomson Reuters I/B/E/S.

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