UPDATE 2-Irwin Financial gets going concern doubt, posts Q4 loss

mercoledì 1 aprile 2009 18:26

* Q4 loss $3.54/shr

* External auditors raise going concern doubt

* To remove $690 mln home equity loans from balance sheet

* Restates Q3 loss to $107 mln

* Shares fall 22 pct (Adds details, updates share movement)

BANGALORE, April 1 (Reuters) - Bank holding company Irwin Financial Corp IFC.N said its external auditors raised doubt about its ability to continue as a going concern and that it posted a loss for the fourth quarter.

Shares of the company fell as much as 22 percent to $1.52 but recovered some losses and were down 29 cents at $1.66 in midday trade on the New York Stock Exchange.

The company sold its mortgage servicing rights and certain platform assets related to securitized home equity loans at its indirect unit Irwin Home Equity Corp to Green Tree Servicing LLC for $2 million, it said in a regulatory filing.

The sale will remove $690 million of home equity loans from its balance sheet as at March 31, Irwin said, adding that it sees an improvement in its capital ratios.   Continua...