Washington Mutual takes a big blow to profits, down 72-percent
Q3 profits for Washington Mutual Inc., the largest U.S. savings and loan, plummeted 72%, hurt by mounting mortgage losses, largely due to the housing slump.
Housing difficulties helped push profit down 18% at its retail banking unit and cause a $348-million loss in its home loans unit, compared with a $23-million loss a year earlier. Earnings fell in all four of the thrift's units.
WAMU experienced a significant falloff mid-2007 and it has continued in the fourth quarter, accelerated by the lack of liquidity in the capital markets.
"We are not making projections as to when the market will stabilize," said Chief Executive Kerry Killinger.
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