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Saturday, November 10, 2007

E-Trade becomes latest subprime mortgage victim

November 9 2007

E-Trade shares slumped to $7.41 during after-hours trading on Friday, also hit by news that the broker had received an informal inquiry from the Securities and Exchange Commission regarding its loan and security portfolios. E-Trade said the fair value of its $3 billion asset-backed securities portfolio has continued to decline since the end of the third quarter. Collateralized debt obligations and other securities backed by second-lien mortgages saw the biggest hits, the brokers explained.

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