Bleeding Out & Shaken, Not Stirred
WaMu, the largest US Savings & Loan and 3rd largest home lender reported...
Q3 profit fell 72% as the company wrote off bad home loans. The home lending unit's loss widened to $348 million from $23 million a year earlier.
WaMu boosted loan loss provisions 6X over last year to $967 million in Q3, after transferring to its investment portfolio...
$17 billion in home and other real estate loans that it could not sell.
Losses on the sale of home loans = $222 million in Q3 compared with a gain of $192 million in Q2.
Subprime mortgage production dropped 95% for the past year, from $9.4 billion to $483 million.
Retail banking profits fell 18% from a year ago. Commercial banking profit down nearly 31%. Both were affected by higher loan-loss provisions.
Profit for the credit card unit dropped 51% on higher delinquencies and disruption in the capital markets.
The company has cut its lending staff 28% since the end of 2005. James Ellman, president of Seacliff Capital: "They're bleeding out capital."
Are you in good hands?...
Allstate Ins. the largest publicly traded home and auto insurer in the U.S. said Q3 profit fell 16% on declining revenue from home insurance.
No trade... E*Trade Financial Corp. reported its first loss in five years and slashed its forecast for 2007 earnings.
Shaken, not stirred... Japan cut its holdings of U.S. Treasuries by 4% to $586 billion. The most since a new benchmark for the data was created in March 2000.
China's ownership of U.S. government bonds fell by 2.2% to $400 billion, the fastest pace since April 2002.
Taiwan's slid 8.9% to $52 billion, the most since October 2000.
Q3 profit fell 72% as the company wrote off bad home loans. The home lending unit's loss widened to $348 million from $23 million a year earlier.
WaMu boosted loan loss provisions 6X over last year to $967 million in Q3, after transferring to its investment portfolio...
$17 billion in home and other real estate loans that it could not sell.
Losses on the sale of home loans = $222 million in Q3 compared with a gain of $192 million in Q2.
Subprime mortgage production dropped 95% for the past year, from $9.4 billion to $483 million.
Retail banking profits fell 18% from a year ago. Commercial banking profit down nearly 31%. Both were affected by higher loan-loss provisions.
Profit for the credit card unit dropped 51% on higher delinquencies and disruption in the capital markets.
The company has cut its lending staff 28% since the end of 2005. James Ellman, president of Seacliff Capital: "They're bleeding out capital."
Are you in good hands?...
Allstate Ins. the largest publicly traded home and auto insurer in the U.S. said Q3 profit fell 16% on declining revenue from home insurance.
No trade... E*Trade Financial Corp. reported its first loss in five years and slashed its forecast for 2007 earnings.
Shaken, not stirred... Japan cut its holdings of U.S. Treasuries by 4% to $586 billion. The most since a new benchmark for the data was created in March 2000.
China's ownership of U.S. government bonds fell by 2.2% to $400 billion, the fastest pace since April 2002.
Taiwan's slid 8.9% to $52 billion, the most since October 2000.
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