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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As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
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