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WaMu: REO Costs $1B.
Seattle-Washington Mutual disclosed in its second-quarter financial report that the level of its foreclosed asset expenses for real estate-owned will increase to "approximately $1 billion for the year."
In prepared remarks explaining the company's second-quarter results, chief financial officer Tom Casey said the added REO expense will contribute to expenses related to WaMu's overall "restructuring and resizing costs."
WaMu now expects that total "non-interest expense" for 2008 will be in the range of $9.2 billion and $9.4 billion.
John McMurray, WaMu's chief ...
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Source: HighBeam Research, WaMu: REO Costs $1B.