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Principal To Take $70 Million Mortgage Unit Charge

By Staff Writer

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NU Online News Service, Dec. 15, 2003, 11:03 a.m. EST – Principal Financial Group Inc., Des Moines, Iowa, says it will write down the stated value of its mortgage servicing rights.[@@]

The move will cut fourth quarter net income at least $70 million, Principal predicts.

Principal decided to take the charge after independent valuation experts helped it review the effects of recent economic changes on its mortgage banking business, the company says.