U.S. Thrifts Still Falling
The nation's thrift industry lost $4 billion in the third quarter, due to the need to set aside large reserves for loan losses, according to the U.S. Office of Thrift Supervision.
The office said thrifts have set aside $23.4 billion in the past year, including $7.9 billion in the most recent quarter, due to the continuing crisis in the housing market.
The industry has been damaged by the failure of three companies, including Washington Mutual, the country's largest thrift.
The OTS also said the number of institutions it considers "problem thrifts" nearly doubled over the past year, from 12 to 23.
The industry's profitability for the third quarter was negative 1.35, compared with negative 0.57 in the second quarter and positive 0.2 in the third quarter of last year.
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