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An earnings warning from M&T Bank(MTB Quote) cast a new pall over the troubled mortgage industry.
The Buffalo, N.Y., bank's comments, together with a Chapter 11 filing from subprime lender New Century (NEWC Quote), hammered the home-lending sector in trading Monday.
M&T warned late Friday that earnings would be hit by "unfavorable market conditions" in its so-called Alt-A mortgage business. The company reduced earnings guidance for the first quarter to between $1.50 and $1.60 a share. Analysts were originally expecting the company to earn around $1.86 a share. ...
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