E-Trade Financial to Restructure Mortgage Operations,
Published September 18th, 2007
E-Trade Financial Corp. on Monday slashed forecasts for 2007 profit as the discount brokerage exited the wholesale mortgage business because of a slew of bad home loans.
The New York-based company, which in recent years relied heavily on mortgage lending to power earnings, warned an already jittery Wall Street that it is not immune to the tightening of global credit markets. E-Trade pinned the troubles to its $30 billion home loan portfolio on “significant deterioration in the mortgage market in August.”
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