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Flagstar Bank

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Flagstar’s Non-Performing Assets Top $1.1 Billion 

Jul 29, 2009By

Mortgage loan production at Flagstar Bank is up in Q209 from a year earlier, but non-performing mortgages and loan charge-offs continue to soar. The bank’s loan production — primarily agency residential first mortgages — fell to $9.3bn in Q209 from $9.5bn in the previous quarter, but is up 13% from $8.2bn in the year-ago quarter. Flagstar Bancorp [stock FBC][/stock], holding company for Flagstar Bank, posted $76.6m in Q209 net loss, compared with $67.4m in the previous quarter.