03/28/2008 02:45 am ET | Updated May 25, 2011

E*Trade Financial Expects Profits TO Fall Short

E*Trade Financial Corp., known for providing cheap trades to individual investors, said it expects profit for the year to fall 31% short of the most recent guidance given to analysts -- partly because of the company's exposure to the mortgage business.

E*Trade also said it would exit from the business of buying mortgage loans from third parties. In all, it said, its exposure to the mortgage market could produce up to $345 million in losses.

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