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NewJerichoMan

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Alias Born 04/25/2012

NewJerichoMan

Re: None

Friday, 06/29/2012 11:05:13 AM

Friday, June 29, 2012 11:05:13 AM

Post# of 126
First Horizon Get Downgrade

http://in.reuters.com/article/2012/06/28/idINWNB197420120628

The reason this is important is the reason they got downgraded. They are gonna settle on their putback lawsuit with FnF. They have $883M in claims against them. From the article:

"FHN plans to use $250 million of this charge to increase reserves for mortgage repurchase claims from government-sponsored entities (GSEs) Fannie Mae and Freddie Mac--the rest relates to litigation issues."

Suck it First Horizon!! Whoo HOOOO!!
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