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.
NOT FOR REPRINT
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.