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First Horizon National (FHN) in Memphis, Tenn., returned to profitability in the fourth quarter after recording a benefit for income taxes.
January 17 -
The regional banks face a False Claims Act probe by the departments of Justice and Housing and Urban Development into how they originated FHA-insured loans. Large fines may follow.
August 23 -
MetLife Inc. agreed to buy the residential mortgage origination and servicing business of First Horizon National Corp. as the insurance giant continues its push into the mortgage business.
June 4
First Horizon National (FHN) in Memphis, Tenn., has reached an agreement with Freddie Mac related to home loans originated and sold to the government-sponsored entity between 2000 and 2008.
The agreement releases First Horizon from responsibility for loans that were sold to a new servicer and then had mortgage insurance cancelled or denied, "to the extent attributable to the acts of the current servicer," according to a
The $23.6 billion-asset First Horizon remains responsible for repurchase obligations on certain defective mortgages under the agreement. It also continues to have obligations related to mortgage insurance rescissions, cancellations and denials.
First Horizon
The agreement had what First Horizon described as an "insignificant" impact on earnings for 2013; its consolidated net income available to shareholders last year was $23.8 million, or 10 cents per share, compared with the $23.5 million and same per-share earnings reported in January,
First Horizon reached a related agreement with Fannie Mae in the fourth quarter, according to the release.
First Horizon is currently