HUDSON CITY BANCORP INC (HCBK) 13.30 -$0.02 (-0.15%) 07:10PM (15 mins delay)

Hudson City Bancorp Prime Delinquencies: Q3 2009 Sees Portfolio Stress

Oct 22, 2009 - 2:30 PM EDT

Sold At The Top submits:

Hudson City Bancorp (NYSE:HCBK), fully recognized as the poster child for “safe” prime-only mortgage lending and whose CEO’s frequent media appearances (particularly on Jim Cramer’s “Mad Money”) usually come with heaping portions of high praise and accolades, appears now to be fully experiencing portfolio stress driven by the vicious combination of rising unemployment and falling home values.

Though CEO Ronald Hermance appears to have succeeded in his goal of increasing basic confidence in his bank, its non-performing loan ratio, which has exploded dramatically jumping from .5% in Q3 2008 to 1.66% in Q3 2009, tells a different story.

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Source: Seeking Alpha (Oct 22, 2009 - 2:30 PM EDT)