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WASHINGTON — 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.
Data from the U.S. office of Thrift Supervision released Wednesday show that 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 in the year-ago period and a loss of $627 million in the first quarter.
The 829 thrifts also set aside $14 billion to cover losses from bad mortgages and other loans.
