(August 27, 2008)--U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans, federal regulators said.
Data from the U.S. Office of Thrift Supervision show federally insured savings and loan institutions posted their second-largest quarterly loss ever in the April-June period, after the $8.8 billion loss in the fourth quarter of last year.
Heavily focused on mortgage lending, thrifts have been stung by mounting home-loan defaults.
The $5.4 billion quarterly loss compared with net profits of $3.8 billion a year ago and a loss of $627 million in the first quarter of this year.
The roughly 830 thrifts also set aside a record $14 billion to cover losses from bad mortgages and other loans.
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