Another large California thrift, Golden West Financial...
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From Staff and Wire Reports
Another large California thrift, Golden West Financial Corp. of Oakland, parent of World Savings, said second-quarter earnings fell 14%, as its cost of deposits and other funds rose faster than yields on its mortgage loans.
Demand for residential mortgages in the quarter “turned out to be fairly modest,” also hurting earnings, said Chairman and Chief Executive Marion Sandler. Golden West’s net income fell to $53.6 million from $61.9 million a year earlier.
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