From Deseret News archives:

US thrifts' lost $5.4B in 2Q, second largest ever

Published: Wednesday, Aug. 27, 2008 8:46 a.m. MDT
 |  E-MAIL | PRINT | FONT + - 
WASHINGTON — Federal regulators say U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans.

Data from the U.S. Office of Thrift Supervision show federally-insured savings and loan institutions posted their second-largest quarterly loss ever in the April-June period, after the $8.8 billion loss in the fourth quarter of last year. Heavily focused on mortgage lending, thrifts have been stung by mounting home-loan defaults.

The $5.4 billion quarterly loss compared with net profits of $3.8 billion in the year-ago period, and a loss of $627 million in the first quarter.

The roughly 830 thrifts also set aside a record $14 billion to cover losses from bad mortgages and other loans.

Comments

You can be the first to comment on this story.

Related content
previousnext

Latest comments

watch out for next year for sure, the negatives are just closet (and...

And something else, I generally follow players from the state schools when...

I could care less that Max Hall said what he did. The feeling is mutual BYU...

BYU is champion of the state

Dear Max, probably could have done without that comment. Probably would've...

Hall mouths off about hate of Utah

As a Utah fan, let me first say congratulations to Max Hall, the Cougars, and...

Geno's and Pat's are good.. but, they are mostly for tourists, the real...

Hall mouths off about hate of Utah

(You even got a middle initial... how's that for 'ya Max) It's nice to see...

Air Up There, The

Even today, I still cannot get enough of this movie or Charles Gitonga Maina....

Cougars beat Utes in overtime

...disappointed with Max Hall's comments that he hates everything about UofU....

Over the last few days I read comments of people complaining about tasteless...

Advertisements