Washington Mutual Inc., Seattle, has reported net income of $902 million ($1.01 per share) for the first quarter, down from $1.05 billion ($1.18 per share) a year earlier, although earnings from its mortgage business rose.WaMu attributed the overall decline to discontinued operations from the sale of Washington Mutual Finance Corp. Net income for WaMu's mortgage banking segment totaled $243 million in the first quarter, up from $228 million a year earlier, the company said. Originations of home loans totaled $38.50 billion for the quarter, down from $43.72 billion a year earlier. The company attributed the increase in the mortgage segment's net income to higher gain from mortgage loans (net of risk management activities) and lower noninterest expense. 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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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