Mortgage Daily

Published On: October 21, 2002
Household Net Plummets

3rd quarter earnings hurt by settlement

October 21, 2002

By MortgageDaily.com staff

Household International Inc. reported a plummet in net income during the third quarter, the result of a huge settlement charge.

The company announced $221 million in net income for the third quarter, a 57% decrease from second quarter’s record $507 million in net income. That’s also an almost 55% dip from last year’s $486 million total during the 3rd quarter.

Earlier this month, the company announced a settlement with dozens of state regulators and attorneys general who alleged predatory lending, according to The Wall Street Journal online.

Household would have earned $554 million in net income during the third quarter had it not been for the $333 million settlement charge (after tax), the company’s report said.

Household’s servicing portfolio totaled $49 billion at the end of the quarter, and its managed basis portfolio totaled $107.6 billion, a 12% increase from last year, the report said.

The company does not release mortgage loan production figures, a company spokeswoman said.

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