Washington Mutual Inc., Seattle, has reported earnings of $2.88 billion ($3.26 per share) for 2004, down from $3.88 billion ($4.21 per share) in 2003.WaMu cited lower mortgage origination volume and a one-time reverse of loan loss reserves in 2003 as factors behind the decline in earnings. Home loan origination volume totaled $41.59 billion, down from $51.50 billion in the fourth quarter of last year. But WaMu chairman and chief executive Kerry Killinger said the mortgage unit exceeded his expectations. Earlier this year, he had warned that the mortgage unit's earnings might be "negative or slightly positive" for 2004 as the company struggled to overhaul its expense structure and deal with lower volume. But in a conference call with analysts, he said operational improvements and other factors resulted in higher-than-expected mortgage earnings. WaMu's mortgage banking segment earned $570 million for 2004, down from $1.30 billion in 2003. Mortgage servicing rights, including amortization and the effect of hedges, contributed a net cost of $277 million in the fourth quarter. WaMu can be found online at http://www.wamu.com.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11