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Home-equity loans, including second mortgages
Columbus-based bank holding company Irwin Financial says it lost $22 million, or 77 cents per share in the first quarter of 2008, and the company is refocusing.
Irwin leaders today said they have suspended writing home-equity loans, including second mortgages. Irwin Chairman and CEO Will Miller blamed "ongoing unsettled conditions" in the real estate markets.
He said the company's board of directors is refocusing to focus on more safe investments, such as small business customers and first mortgages loans.
He said the board has hired Stifel, Nicolaus & Co. and Milestone Advisors, LLC to explore alternatives that include selling loans, spinning off assets or a recapitalization.
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