Washington Mutual Inc

Washington Mutual Inc., the largest U.S. savings and loan, said Wednesday that fourth-quarter profit rose 22%, but results missed forecasts because of a loss in mortgage lending and weakened credit quality. Net income rose to $1.06 billion, or $1.10 a share, from $865 million, or 85 cents, a year earlier. Excluding certain items, profit was 77 cents a share, according to Reuters Estimates, 11 cents below what analysts on average had expected. The Seattle-based thrift, which is also the No. 3 U.

Washington Mutual Inc., the nation's largest savings and loan, Wednesday posted an 8% increase in second-quarter earnings and said it would quit making certain risky loans to borrowers with blotchy credit. City National Corp. of Beverly Hills, the largest commercial bank based in Southern California, said profit rose 1%. Pasadena's East West Bancorp, the second-largest Southland bank, beat expectations with a 10% gain. But Downey Financial Corp., a Newport Beach S&L, said net income slid 32%.

Washington Mutual Inc., the largest U.S. savings and loan, is requiring that mortgage brokers show they disclosed lending terms to borrowers as a record number of Americans face losing their homes to foreclosure. Brokers who do business with Washington Mutual must provide evidence that they revealed their compensation and explained terms of the loan they recommended, including amounts, prepayment penalties and whether interest rates or payments may change, the Seattle-based lender said Monday.

Yielding to pressure from a big mortgage lender, a Southern California-based appraisal company inflated the value of homes nationwide, encouraging consumers to pay too much for them or to borrow against equity they didn't have, a government lawsuit filed Thursday alleges. The fraud suit by New York Atty. Gen.

Free checking has become commonplace in the 12 years since Washington Mutual Inc. began marketing it with much ballyhoo, so the Seattle-based thrift has come up with new incentives, to be announced today, in hopes of regaining its edge. The incentives include free outgoing money transfers -- an offering aimed at Latinos with relatives outside the U.S., a group much courted by big banks in Southern California. Bank of America Corp.

Washington Mutual Inc., the largest U.S. savings and loan, on Sunday said it had agreed to buy Commercial Capital Bancorp Inc. of Irvine to strengthen its commercial and retail banking business in a deal valued at $983 million. Washington Mutual said it would pay $16 a share in cash for Commercial Capital's outstanding stock, representing a 13% premium over Friday's closing price.

Washington Mutual Inc. said it would cut 900 jobs as part of a bid to match capacity with "current and anticipated market conditions." Spokeswoman Olivia Riley said 350 of the job cuts would come in its home loan group as it moves to outsource residential appraisals. The remainder of the jobs were "mostly back office support" positions in its retail banking group, she said.

Washington Mutual Inc., the largest savings and loan, said Wednesday that second-quarter profit fell 9%, largely reflecting one-time costs as it retrenches amid a slowing housing market. The Seattle-based company said it would sell its portfolio of government mortgage servicing rights and some of its fixed-rate servicing portfolio to Wells Fargo & Co. Washington Mutual said its money-management unit also was for sale.

Soon the Washington Mutual branch on your corner may be, simply, WaMu. Washington Mutual Inc., the largest U.S. savings and loan, has begun changing its brand name to WaMu, a nickname used by customers, employees and analysts for more than a decade. While the Seattle-based thrift's legal name won't change, the shorter name, pronounced WAH-moo, will start appearing on branches and in advertising in the next few months.

Washington Mutual Inc. borrowers won reinstatement of a California lawsuit that accuses the bank of overcharging for fees to process home loans. An appeals court in Los Angeles this week overturned a trial court's ruling that the borrowers hadn't done enough to show that the bank might have deceived customers. The borrowers sued in December 2002, saying Washington Mutual charged hundreds of dollars for underwriting services that cost only $20.