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The Securities and Exchange Commission is probing how Washington Mutual Inc., the nation's largest savings and loan, handled mortgages that were possibly based on inflated home appraisals.
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WASHINGTON - The chief executives of Fannie Mae and Freddie Mac on Tuesday warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults. (AP)
Washington Mutual Inc., the biggest U.S. savings and loan, will write down the value of its home- lending unit by $1.6 billion in the fourth quarter and cut about 6 percent of its workforce as mortgage-market losses increase.
Washington Mutual, the U.S. savings and loan slammed by slumping mortgage markets, said it would slash its dividend, cut more than 3,000 jobs and announced a $2.5 billion capital infusion.
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