ORANGE COUNTY EARNINGS
Westcorp: The Irvine financial services company, whose principal subsidiaries are WFS Financial and Western Financial Bank, posted a net loss of $3.9 million, or 15 cents a share, for the third quarter, compared with net income of $8.9 million, or 34 cents a share, a year earlier.
The company said last month it expected to post a loss after delaying the sale of securities backed by $700 million in car loans because of poor market conditions.
The most recent quarterly figures included a pretax restructuring charge of $4.5 million and a $3.6-million write-down related to the pending sale of $4.3 billion of mortgaging servicing rights.
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