Posted AT 9:45 AM EST on 18/01/08
Washington Mutual swings to Q4 loss
SEATTLE — Turmoil in the mortgage and credit markets in the second half of 2007 decimated Washington Mutual Inc.'s fourth-quarter performance and dragged the country's biggest savings and loan into the red for the year.
WaMu had been preparing Wall Street for the hit, caused by the plummeting value of its mortgage portfolio and the growing number of people who can't repay their debts, since December.
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