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Written by THE ASSOCIATED PRESS
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Wednesday, 27 August 2008 |
In this image released by Blacksmith Records/ Warner Bros. Records, the latest CD by Jean Grae, "Jeanius," is shown. THE ASSOCIATED PRESS/Blacksmith Records/ Warner Bros.
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WASHINGTON - Federal regulators say U.S. thrifts lost US$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.
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Last Updated ( Wednesday, 27 August 2008 )
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