E-Trade Financial Corp.

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E-Trade Financial Shutters Wholesale Mortgage Business, Hikes Loan Loss Reserves

Sep 17, 2007By

E-Trade Financial Corp. said today that that it will exit wholesale mortgage operations as part of a restructuring effort fueled by “significant deterioration in the mortgage market.” The exit will cost the company $32 million, it said in a press statement today. And that’s for starters.