Hudson City Bancorp's (HCBK -2.8%) re-mortgaging issues have slowed but not ended, Nomura says,...

|About: Hudson City Bancorp, Inc. (HCBK)|By:, SA News Editor

Hudson City Bancorp's (HCBK -2.8%) re-mortgaging issues have slowed but not ended, Nomura says, cutting shares to Reduce from Neutral, noting its asset mix and existing mortgage yields "will eventually fall" given newer market rates. "While every bank has this issue, it is more acute for HCBK as 99% of revenue comes from net interest income," Nomura says, vs. 65% for the average bank.