HOT AND COLD: "Having a big mortgage operation can be negative in some years, but in others it's a big positive," said Brad Schwartz, the CEO of Monarch Bank in Chesapeake, Va.

Mortgage-Heavy Banks Fight for Higher Stock Valuations

Banks with large mortgage operations are struggling with lower profit margins, detrimental fair-value accounting rules and new regulations that add cost. The market is discounting their stocks as a result, but many of these banks say the blanket assessment is unfair.

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