WaMu Reports 3Q Earnings Decline

Washington Mutual Inc., Seattle, has reported earnings of $748 million ($0.77 per share) for the third quarter, a decline from $821 million ($0.92 per share) a year earlier that WaMu attributed in part to efficiency initiatives and a sale of mortgage servicing rights.The company's Home Loans group recorded a net loss of $33 million in the third quarter, compared with net income of $302 million a year earlier, WaMu said. The results included net after-tax charges of $31 million related to the sale of $2.53 billion of mortgage servicing rights and after-tax charges of $33 million related to the company's efficiency initiatives, which are expected to continue into the fourth quarter, the company said. Home loan volume totaled $37.20 billion in the third quarter, down 10% from $41.36 billion in the second quarter and down 34% from $56.47 billion a year earlier. WaMu can be found online at http://www.wamu.com.